HomeBitcoin NewsLeaked Memo Suggests Democrats Are Trying to Kill the Crypto Industry

Leaked Memo Suggests Democrats Are Trying to Kill the Crypto Industry

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A new memo shows that democrats really hate cryptocurrency. So much so, that they’re looking to instill new rules that would make it very hard to attain and keep.

Democrats Wage War Against Crypto

A leaked memo sent to democrat House financial services committee members reveals that left leaners are seeking to ensure all digital currencies, in the future, are classified as securities. This doesn’t necessarily mean they cannot be obtained, but they will be subjected to all kinds of new taxation rules that will make these assets very hard to keep. In addition, this will also likely cause hell for all kinds of crypto companies.

If it suddenly becomes law that every digital currency ever created must be categorized as a security, there are plenty of issuing companies that will probably be subjected to all kinds of fees and penalties from organizations like the Securities and Exchange Commission (SEC). If this happens, you can expect to see a whirlwind of negativity hitting the industry. Prices will easily collapse, and there’s a good chance several crypto companies will not survive. The memo reads as follows:

The problem isn’t ambiguity. It’s mass non-compliance with existing laws. We can’t invent new accommodating regulatory structures simply because crypto companies refuse to follow clear rules of the road.

The memo also clearly outlines an attempt from the republican party to protect both consumers and investors. Right wingers are working hard to ensure all crypto regulations are clear and justifiable, something the democrats are purportedly trying to get in the way of. The document continues:

They [republicans] are working to provide clarity to the markets by carving out space for the Commodity Futures Trading Commission (CFTC) in crypto… Republicans are proving that they really aren’t serious about protecting investors and consumers.

Joe Biden and his legion of democrats have been waging an all-out war on the crypto arena since they first took the White House over two years ago. Men like Gary Gensler – head of the SEC – have worked hard to ensure all crypto companies are persecuted and attacked as though they are enemies of the state, and big names like Kraken and Coinbase have fallen victim to their antics.

Trying to Tie Things Up

The memo further states:

Both the SEC and CFTC are aligned on the fact that the SEC is the regulator to determine if crypto assets are securities, and the SEC has made clear that nearly all crypto assets are securities. End of story… Republicans want to reverse course and tie the hands of the SEC. The SEC must continue to lead the regulation of the U.S. crypto market, and Congress must do its part to provide them with the resources they need.

The document, naturally, is earning criticism from digital currency analysts everywhere.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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