Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Janet Yellen, the Secretary of the United States Treasury along with Gary Gensler, Chair of the Securities and Exchange Commission (SEC), urging the two agencies to share their analysis on the draft digital assets market structure legislation released by Committee Republicans earlier this month. In the letters, Waters also requests that both agencies stand ready to brief Committee members on their recommendations, if needed.

Here’s an excerpt of the letter to the Treasury Department:

“In your analysis, please explain the effects this draft legislation will have on: the Treasury Department and its mission to promote economic prosperity, ensure the financial stability of the United States, and protect the competitiveness, resilience and integrity of the financial system; Treasury’s ability to manage the U.S. government’s finances and resources effectively; investor and consumer protections; and, existing market participants and practices in the securities, commodities and payments marketplace,” said Ranking Member Waters. “Additionally, please describe how this bill addresses or conflicts with any policy recommendations made by the Treasury Department or Financial Stability Oversight Council in its various digital asset reports, pursuant to President Biden’s executive order on digital assets. Finally, please advise whether this draft legislation or its specific provisions are needed, and, whether there are alterations to existing law outside the bill’s scope that would promote financial stability or strengthen oversight and investor and consumer protection in the digital assets ecosystem.”

Here's an excerpt of the letter to the SEC:

“In your response, please discuss the impact of this draft legislation on the SEC’s existing authorities; its mission and ability to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation; the impact on existing market participants and practices; workload and resources; and any other impact you estimate to be relevant for me to consider,” said Ranking Member Waters. “Moreover, if there are recommendations or changes to existing law outside the scope of the bill that you believe would protect investors within the digital assets space, I would welcome those views as well.”

Read the full letter to the Treasury Department HERE.

Read the full letter to the SEC HERE.

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