{"id":22783,"date":"2023-06-14T23:22:32","date_gmt":"2023-06-15T03:22:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/house-republicans-call-on-the-sec-to-withdraw-proposed-rule-that-they-say-could-affect-decentralized-exchanges\/"},"modified":"2023-06-14T23:22:33","modified_gmt":"2023-06-15T03:22:33","slug":"house-republicans-call-on-the-sec-to-withdraw-proposed-rule-that-they-say-could-affect-decentralized-exchanges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22783","title":{"rendered":"House Republicans Call on the SEC To Withdraw Proposed Rule That They Say Could Affect Decentralized Exchanges"},"content":{"rendered":"<div>\n<p>A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House Republicans said.\u00a0<\/p>\n<p>A group of lawmakers in the House Financial Services Committee wrote to the SEC this week criticizing the proposed rule that they say could expand the definition of an exchange to include \u201ccommunication protocol systems\u201d and could go beyond centralized exchanges, the lawmakers said.\u00a0<\/p>\n<p>\u201cFor digital assets, the Proposed Rule would go well beyond regulating centralized digital asset platforms and apply to persons acting \u2018in concert\u2019 with each other,\u201d the lawmakers said. \u201cThis could capture a wide range of individuals in the digital asset ecosystem, including software developers and participants in a blockchain network\u2019s consensus mechanism.\u201d<\/p>\n<p>The rule could also capture software developers and those in a blockchain network\u2019s consensus mechanism, they argued.\u00a0<\/p>\n<p>Almost 30 lawmakers signed the letter including House Financial Services Chair Patrick T. McHenry, French Hill, Tom Emmer and Warren Davidson.\u00a0<\/p>\n<h2>SEC Gensler\u2019s personal views<\/h2>\n<p>Lawmakers also accused SEC Chair Gary Gensler of \u201cusing this proposal to push his own personal views regarding digital assets.\u201d<\/p>\n<p>\u201cChair Gensler has previously made statements on his own behalf claiming that DeFi exchanges are essentially equivalent to traditional intermediaries in financial markets even if they call themselves something different,\u201d they said.\u00a0<\/p>\n<p>The lawmakers also accused the SEC of \u201cattempting to front-run Congress\u201d when they themselves with the House Agriculture Committee are working on legislation to regulate digital assets.<\/p>\n<p>Leaders in both the House Financial Services Committee and the House Agriculture Committee have released draft legislation to regulate crypto including measures that would \u201cclassify cryptocurrencies as a security or a commodity and regulate exchanges, among other measures.\u201d<\/p>\n<p>McHenry said during a hearing on Tuesday that he wants to hold a vote on that bill by mid-July.\u00a0<\/p>\n<p>\u201cThis is a draft bill,\u201d he said during that hearing. \u201cThere\u2019s plenty of time for us members to find common ground on how we legislate here, but be advised I intend for this committee to markup some form of this legislation when we return from the July 4 recess.\u201d\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/house-republicans-call-sec-withdraw-proposed-rule-that-they-say-could-affect-decentralized-exchanges.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House Republicans said.\u00a0 A group of lawmakers in the House Financial Services Committee wrote to the SEC this week criticizing the proposed rule that they say could expand the definition of an exchange to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-22783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>House Republicans Call on the SEC To Withdraw Proposed Rule That They Say Could Affect Decentralized Exchanges | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A proposed Securities and Exchange Commission rule would shut down the development of the digital asset industry and should be withdrawn, House\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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