Republicans on the House Financial Services Committee are pushing hard on legislation that would regulate the structure of digital asset markets. Like most other proposals for crypto legislation that we have seen from Congress thus far, this discussion draft is a terrible blueprint for regulation that would tailor, exempt and repeal existing laws in order to accommodate crypto industry business models, notwithstanding the harm they have caused. This new proposal would also do something more fundamental, though, that we haven’t seen before. It would require the Securities and Exchange Commission (SEC) to consider how everything it does could impact innovation. If enacted, this would ev
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