"Why does everyone hate crypto so much, it's not like they've done anything wrong."
Following the cryptocurrency ecosystem, Chief Executive Officer (CEO) Tierion Wayne Vaughan criticized the Democrats in the United States (US) after seeing the main message in a memo that is said to be trying to destroy digital assets.
Addressed to Democratic members of the Financial Services Committee (FSC), the memo was circulated prior to meetings with several US House Committees, including the House Financial Services Committee and the House Agriculture Committee.
Therefore, the House Committee is expected to support the US Securities and Exchange Commission (SEC) regarding the regulation of digital assets following the memo there are allegations from the SEC that all cryptocurrencies are securities.
Additionally, the memo also states that crypto exchanges are not in compliance with regulatory laws while asserting that there is no need for additional regulations to be implemented.
Democrats who proposed further budget cuts making allowances for the Commodity Futures Trading Commission (CFTC) in the crypto market have had them portrayed as not serious about protecting investors and consumers.
While the Democratic committee was advised to pass a debt ceiling bill rather than issue pro-crypto regulations, the US Supreme Court has pondered the idea of curbing the power of the two regulatory entities in the digital asset market.
This is because the SEC and CFTC have acted aggressively against crypto, where Binance was charged with regulatory violations while Coinbase received a Wells Notice and not to forget the case between Ripple and the SEC which has not yet been resolved.
