Crypto Community Reacts to US Democrats Supporting SEC’s Crypto Authority

A member of the community stated their intention to separate from the party, stating that they believe the Democratic Party is exerting excessive control over the “future of American innovation.”

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The US Democratic Party has indicated its support for granting the Securities and Exchange Commission (SEC) complete control over cryptocurrencies. This information was shared through a memo circulated among committee members prior to a hearing. When the documents surfaced on social media, it sparked negative reactions from members of the crypto community.

 

On May 10, key messages endorsing the SEC’s authority on cryptocurrency regulation were shared on Twitter, emphasizing the Democratic Party’s support. One of the main arguments put forward was that the majority of digital assets can be classified as securities.

Several community members took to Twitter to express their discontent with the Democratic Party’s stance on crypto. Their responses ranged from threatening to vote for other political parties to pointing out numerous contradictions within the shared documents.

A community member observed that the memorandum reveals the different positions of each party regarding crypto regulation. According to this Twitter user, Republicans advocate for a well-defined framework, whereas Democrats argue that the SEC has already established that nearly all digital assets should be considered securities.

Another community member voiced their decision to disassociate themselves from the Democratic Party. They expressed the belief that the party is exerting excessive control over the “future of American innovation.” Furthermore, the Twitter user criticized the Democrats for making decisions regarding a technology they lack a comprehensive understanding of.

Community member Austin Campbell pointed out that foreign governments would be enthusiastic about the opportunity to seize control of the future of Fintech away from the United States. Campbell shared this observation through a tweet.

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Austin Campbell, a community member, expressed their strong disagreement with the situation, stating that if it is indeed true, they find it incredibly foolish. Campbell further commented that if they were a foreign government, they would be thrilled at the opportunity to seize control of fintech and financial systems from the United States based on these circumstances. The tweet also mentioned that such actions would likely lead to many young individuals disassociating themselves from the Democratic Party due to what Campbell perceived as false claims.

On May 8, Coinbase, a popular crypto exchange, visited the United Arab Emirates (UAE) to explore its potential as a strategic hub. The CEO of Coinbase, Brian Armstrong, attended the Dubai Fintech Summit, where he made a statement that the United States is somewhat lagging behind in terms of regulatory clarity. During their visit, Armstrong also had a meeting with UAE’s Minister of Economy, H.E. Abdulla Bin Touq Al Marri.

During the same event, Saqr Ereiqat, co-founder of Crypto Oasis, discussed the business-friendly infrastructure of the UAE compared to the United States. Ereiqat pointed out that the regulatory framework in the U.S. is intricate and fragmented, whereas the UAE has a more streamlined approach. He also highlighted the increasing interest in the region for crypto-related activities.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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