It’s an odd sight to watch Congressional Democratic and Republican politicians in violent agreement with each other and working together to advance public policy. It’s even more unusual to hear staid financial regulators squabbling in public and talking like a cop on the beat in a particularly tough neighborhood.
It is in this confusing context that President Biden issued a White House executive order earlier this year that recognized the importance of digital assets and technologies while directing government agencies in his administration to focus on several key priorities for policy development. These include consumer and investor protection, financial stability, illicit finance, financial inclusion, responsible innovation, leadership in the global financial system and U.S. economic competitiveness.
First, the U.S. midterm elections. It was completely predictable that work would pause during the fall election campaign. The fact that Republicans gained control of the House of Representatives does not seem to alter the bill’s prospects since the incoming Republican committee chair Rep. Patrick McHenry and current Democratic chair Maxine Walters are working together and prioritizing action for next year.
The SEC’s position is clear to the point of Socratic logic: The SEC has 90 years of experience regulating securities. Many cryptocurrencies meet the definition of securities. Intermediaries that facilitate cryptocurrency transactions need to know and comply with SEC rules. That the SEC’s actions have roiled the industry is to be expected. That they prompted public criticism from a fellow regulator is unusual, to say the least. The SEC complaint in question alleges that dozens of digital assets, including utility tokens and tokens relating to DAOs, are securities. This action drew the ire of CFTC Commissioner Caroline Pham, who issued a public statement criticizing the SEC for “a striking example of regulation by enforcement.
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