Democrats and Republicans locked horns today at a mark-up hearing on yet another bill aimed at creating new regulations around digital assets, and familiar wounds tied to the SEC and failed exchange FTX loomed large over the debate.

Members of the House Financial Services Committee lawmakers aired their frustrations with one another over different aspects of the legislation, called the Financial Innovation and Technology (FIT) for the 21st Century Act. Rep. Maxine Waters (D-CA), the ranking Democrat on the committee, assailed the bill as a “wish list” for the crypto industry, who she accused of refusing to follow existing laws. 

“We don’t need to invent new regulatory structures simply because crypto companies refuse to follow the rules of the road,” said Waters in her opening statement. 

Waters went on to set the tone for much of her party’s opposition to the bill by slamming provisions that she said provided inadequate protections for consumers and investors, while doing little of what it set out to do—clarify the regulatory landscape.

Rep. Ayanna Pressley (D-Mass), a progressive Democrat, similarly criticized the FIT for what she said was its weaker consumer protections, and for leaving out disclosure requirements that would ward off conflicts of interest. Invoking the collapse of failed cryptoexchange FTX last year, Presley called on h

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Author: Nicholas Morgan

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