Crypto Market News: US Representative Maxine Waters sought Securities and Exchanges Commission (SEC) Chair Gary Gensler and Treasury Secretary Janet Yellen’s views on the legislative proposal to revise the market structure related to digital assets. The development comes after leaders of the House Financial Services Commission and Agriculture Committee recently introduced a draft bill for a clearer framework and guidelines in the crypto industry. Interestingly, the SEC Chair had in recent times faced community criticism for describing all cryptocurrencies except Bitcoin as securities.

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In the first week of June 2023, the crypto market witnessed one of the most intense enforcement actions in the form of the lawsuits against Coinbase and Binance. The two top crypto exchanges were charged with violating securities laws.

Response To Draft Proposal

In this regard, Representative Waters requested that Gensler come before the House Financial Services Committee members to brief them on his views on the draft proposal. Details of when Gensler will appear before the committee will be revealed in his written response to be submitted by the end of June 2023. Similarly, Yellen is expected to submit a brief on her response by the same date. The letter to Gensler said,

“In your response, you please explain the impact of this draft regulation on the SEC’s existing authorities, its mission, and ability to protect investors, maintain fair orderly efficient markets.”

It should be noted that a Summary Judgment in the SEC lawsuit against Ripple is expected to be delivered any time before the end of 2023. The outcome could potentially have a significant bearing on the crypto market, in that it could act as a legal precedent in the securities vs commodities debate.

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