Lawmaker requests info from Treasury and SEC on crypto market structure bill.

Maxine Waters, a California Representative who holds the highest position in the United States House Financial Services Committee, has urged the leaders of federal regulatory agencies to provide their input on a proposed framework for digital assets.

In letters dated June 23, Waters separately requested information from Treasury Secretary Janet Yellen and Securities and Exchange Commission (SEC) Chair Gary Gensler regarding the potential impact of the “Digital Asset Market Structure” bill. This legislation, proposed by Republican lawmakers on June 1, aims to establish a comprehensive framework on digital assets in the U.S., in part by addressing regulatory gaps between the SEC and Commodity Futures Trading Commission.

#RELEASE : Ranking Member @RepMaxineWaters Calls on @USTreasury , @SECGov to Share Analysis on Republican Digital Assets Market Structure Bill | https://t.co/lloLm7Lho6 pic.twitter.com/qbPNMSRl5v

— U.S. House Committee on Financial Services (@FSCDems) June 26, 2023

According to the letters, Waters asked Gensler to discuss how the proposed framework, if enacted, could impact the SEC’s current authority in protecting cryptocurrency investors. She requested similar feedback from Yellen but added that the Treasury Secretary should address any potential conflicts with existing recommendations on digital assets from the Financial Stability Oversight Council, as per U.S. President Joe Biden’s executive order on cryptocurrency.

Related: US lawmaker invokes SEC lawsuits in considering crypto regulatory framework

The discussion of how policymakers should handle digital assets continues in the U.S., amid lawsuits between regulators and private firms and criminal cases for those allegedly involved in fraud. Former FTX CEO Sam Bankman-Fried is expected to face 13 criminal charges split unevenly across two trials starting in December 2023 and March 2024. Crypto exchanges Binance and Coinbase are also facing civil lawsuits from the SEC regarding alleged unregistered securities offerings.

Waters gave Yellen and Gensler a deadline of June 30 to respond and added that they should be prepared to address the committee if necessary.

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