Democrats say Republicans are giving crypto and Wall Street a handout with new digital asset market structure bill

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A new crypto bill is causing a stir among US lawmakers as Democratic members of the House of Representatives accuse Republicans of focusing on less important issues.

Last week, House Agriculture Committee Chairman Glenn Thompson, along with Representatives French Hill and Dusty Johnson, introduced the Financial Innovation and Technology Act for the 21st Century.

According to Congressman Thompson, the bill aims to provide crypto markets with a “much-needed regulatory framework” that can protect investors and strengthen Americas position in the fledgling industry.

Says Thompson,

“Over the past several months, our teams have solicited extensive feedback from stakeholders and market participants, and have worked diligently to produce a legislative product that aims to close existing gaps in authority, thereby ensuring American leadership in financial and technological innovation.”

But Democratic Representatives say the bill takes resources away from issues that should be priorities for the House Agriculture Committee. Democrats on the committee say working on the crypto bill puts Wall Street firms ahead of American consumers.

Instead of focusing on pressing Farm Bill issues, House Republicans are rushing to provide handouts to crypto exchanges, Wall Street and Silicon Valley venture capitalists at the expense of American consumers and retail investors.

Last week, Representatives Hill and Johnson wrote a letter to SEC Chairman Gary Gensler stressing the need for comprehensive crypto laws. They say that would be a better approach than regulating crypto businesses through enforcement.

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