The U.S. Security and Exchange Commission (SEC) is a regulator in the crypto community.
However, some crypto organizations feel they do not perform their duties professionally.
The United States Democratic Party expressed its intention to back the SEC’s absolute authority over cryptocurrencies.
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However, this announcement provoked criticism from some members of the crypto community and the society at large.
Democratic Party Drums Supports For U.S. SEC
A Copy Of The Democrats Memorandum | Source: Twitter
The United States Democratic Party declared its intentions to support the SEC’s total authority over crypto regulation.
According to the documents posted on Twitter, they back the SEC’s stance that nearly all cryptocurrencies are securities.
Also, they believe that the challenge cryptocurrencies face is not ambiguity or a lack of clarity but mass non-compliance to existing laws.
They also stated that Committee Republicans not truly focused on protecting investors should focus on passing a clean debt bill and not pro-crypto legislation.
Backlash From Crypto Community
Reacting to the memorandum, some crypto community members expressed their displeasure with the Democrat’s stance on crypto regulation.
According to Anonymemphis, a Twitter user, the memorandum clarifies where both parties stand on crypto regulations.
The Democrats believe the SEC has clarified the issue that nearly all digital assets are securities which is their current stance.
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The Republicans, on the other hand, seek a clear framework for regulation leaning towards the sentiments of most crypto organizations.
Another user expressed his displeasure with the Democratic Party, stating that they want to play god with the future of American innovation.
He also claimed they were making decisions about tech that they do not understand.
The users concluded by denouncing his affiliations with the party, stating that they have moved so far from a vital issue.
Also, Austin Campbell, another crypto community member, believes that the United States is about to lose its status as a hub of crypto activities.
He believes other foreign governments will jump at the opportunity to become the focal point of crypto.
Campbell stated that these actions will lead to an exodus of young people from the Democratic Party.