Leaked Memo Instructs Democrats' Crypto Stand

Leaked Memo Instructs Democrats’ Crypto Stand

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Updated: 15 May 2023

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Prior to this week’s hearing on digital asset regulation, reports show that committee members of the Democratic Party have received a memo that supposedly supports the SEC’s position toward crypto assets.

🚨SCOOP: Prior to today's @FinancialCmte/@HouseAgGOP hearing on digital asset regulation, a memo was circulated among Democrat Committee members.

It contained "key messages" for the @FSCDems to stick to including supporting the @SECGov's total authority over crypto regulation,… pic.twitter.com/AabSfwquaw

— Eleanor Terrett (@EleanorTerrett) May 10, 2023

Some crypto community members believe they root these instructions to “kill crypto and Bitcoin.”

Crypto Memo Supports SEC

After Fox Business journalist Eleanor Terrett shared the leaked memo on Twitter, Wayne Vaughan, the CEO of the global blockchain platform Tierion, formed the opinion that the Democrats are attempting to kill crypto and Bitcoin.

Democrats are trying to kill crypto and Bitcoin. Sad. https://t.co/MkHkn1QCma

— Wayne Vaughan (@WayneVaughan) May 10, 2023

Terrett, known for sharing intriguing information about the emerging cryptocurrency industry, pointed out that the memo had been circulated among Democrat committee members prior to Wednesday’s joint meeting between several U.S. House Committees. These included the House Financial Services Committee and House Agriculture Committee.

Terrett highlighted several key messages outlined in the alleged note, which was circulated among Democrat committee members prior to a joint meeting of the House Financial Services Committee and the House Agriculture Committee held on Wednesday. One point emphasized in the memo aligns with SEC Chairman Gary Gensler’s previous statement that all crypto assets are considered securities.

It is expected that the House Committee will support the SEC’s stance on crypto regulation. The leaked memo encouraged Democratic committee members to:

Endorse the SEC’s complete authority over crypto regulation
Recognize that most cryptocurrencies are securities
Acknowledge that the main issue with crypto is widespread non-compliance rather than ambiguity

PFL Bans Central Bank Cryptos

In a further development, Governor Ron DeSantis has signed a bill prohibiting the use of central bank digital currencies in Florida. Liquid staking has added over 440,000 Ethereum in just two weeks.