US industry watchdogs oppose draft bill on crypto market structure

An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee.

In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending, claimed that stakeholders in the crypto industry had actively lobbied in support of the committee’s draft proposal, known as the Digital Asset Market Structure Discussion Draft bill. The watchdogs asserted that the crypto industry failed to demonstrate any practical use cases beyond speculative investment.

Screenshot of the crypto markets bill opposition sign-on letter. Source: Our Financial Security

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