The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement in response to Securities and Exchange Commission (SEC) Chair Gary Gensler asking for jurisdiction of all exchanges of digital assets—not all of which are securities—in a letter to Senator Elizabeth Warren:
“Chairman Gensler’s latest move to ask Congress for jurisdiction over non-securities exchanges is a blatant power grab that will hurt American innovation,” said Republican Leader McHenry. “Given the distinct nature of digital assets, policymakers must be thoughtful and deliberative in legislating in this space. That’s why I introduced H.R. 1602, the Eliminate Barriers to Innovation Act, to bring regulatory certainty to market participants and regulators. We need smart policy, made through a transparent process, to ensure innovation and job creation continue in the U.S. We don’t need another backroom deal between Gensler and Elizabeth Warren.”
On April 20, 2021, the House passed Republican Leader McHenry’s H.R. 1602, the Eliminate Barriers to Innovation Act, a bipartisan bill to create a digital asset working group comprised of the Commodity Futures Trading Commission (CFTC), the SEC, and market participants to bring much needed regulatory clarity to the digital asset ecosystem. H.R. 1602 awaits Senate action.