By Billy Bambrough. May 12, 2023. (Forbes).
Bitcoin BTC -1.2%, ethereum and other major cryptocurrencies have been grappling this year with a U.S. crypto crackdown that some think could “destroy all value of bitcoin.”
The bitcoin price has climbed over the first few months of 2023 but remains far from its late 2021 all-time highs, with traders hailing a “new market regime.” The fate of ethereum and other cryptocurrencies are meanwhile hanging in the balance as U.S regulatory agencies battle for control of the market.
Now, a leaked memo circulated to Democratic House financial services committee members has revealed the “key messages” lawmakers were told to stick to that could see almost all cryptocurrencies categorized as securities.
The document, passed to committee members by the Democratic party ahead of Wednesday’s joint House hearing on crypto policy, was leaked by Fox Business reporter Eleanor Terrett on Twitter. “The problem isn’t ambiguity—it’s mass non-compliance with existing laws,” the memo reads. “We can’t invent new accommodating regulatory structures simply because crypto companies refuse to follow clear rules of the road.”