Senior Democrats"strongly oppose" H.R. 4763, the Financial Innovation and Technology for the 21st Century Act , but are not whipping the vote.
House Financial Services Committee Ranking Member Maxine Waters and House Agriculture Committee Ranking Member David Scott – the leading Democrats on their respective committees – have sent an email to Democratic members of the House of Representatives saying they"strongly oppose" H.R. 4763,Waters and Scott say they oppose the bill because it undermines established legal precedents and creates uncertainty in the traditional securities market.
A numbered list said the bill would create a"pathway for 'investment contract assets' with no alternate regulator, meaning that virtually no laws or regulations would govern them."The bill, if signed into law, would block shareholders from being able to sue publicly traded companies, preempt state regulations around digital assets, weaken fiduciary requirements and undermine capital markets, the letter said.