The United States Democratic Party has expressed its intent to back the Securities and Exchange Commission\u2019s (SEC) total authority over crypto in a memo circulated among committee members before a hearing. The documents were shared on social media, causing backlash from crypto community members.\u00a0<\/p>\n
On May 10, the documents were shared on Twitter, highlighting key messages for the democrats to support the SEC\u2019s authority on crypto regulation. This includes its argument that nearly all digital assets constitute securities. <\/p>\n
Some threatened to give their votes to other parties; others\u00a0argued\u00a0that\u00a0there were a lot of contradictions in the documents, and various community members went on Twitter to express their dissatisfaction with the move against crypto. <\/p>\n
According to one community member, the memorandum shows where each party stands on crypto regulation. According to the Twitter user, the Republican Party wants a clear framework, while the Democratic Party asserts that the SEC has already clarified that almost all digital assets are securities. <\/p>\n
Meanwhile, another member of the community expressed that they could no longer be a part of the party. The community member argued that the Democratic Party is playing god with the \u201cfuture of American innovation.\u201c In addition, the Twitter user said the party is making decisions over a technology that it does not understand. <\/p>\n
Related: <\/em><\/strong>Biden calls to end $18B \u2018crypto tax loopholes\u2019 \u2014 Community begs to differ<\/em><\/strong><\/p>\n Community member Austin Campbell also highlighted how foreign governments would be excited about the prospect of taking the future of Fintech from the United States. Campbell tweeted: <\/p>\n On May 8, Coinbase visited the United Arab Emirates to determine its potential as a strategic hub for the crypto exchange. At the Dubai Fintech Summit, Coinbase CEO Brian Armstrong said the U.S. is \u201ca little bit behind\u201d in terms of regulatory clarity. The executive also shared that he met with UAE Minister of Economy Abdulla Bin Touq Al Marri during the visit.\u00a0<\/p>\n In the same event, Crypto Oasis co-founder Saqr Ereiqat spoke about how the UAE\u2019s infrastructure is more business-friendly than the United States. The executive argued that the regulatory framework in the U.S. is \u201ccomplex and fragmented,\u201d while the UAE is more streamlined and highlighted a growing interest in the region.<\/p>\n