Major Democratic members of the US Financial Services Committee advocate for the US SEC to become the primary regulatory agency for cryptocurrencies.

BlockBeats reported on May 15th that after the adjournment of the cryptocurrency hearing in the U.S. House of Representatives, a leaked internal memo circulated among Democratic members of the House Financial Services Committee, which showed that Democratic legislators advocated for the Securities and Exchange Commission (SEC) to be the primary regulatory agency for regulating cryptocurrencies. Ron Hammond, the government relations director of the Blockchain Association, stated that "this is not the position of the entire Democratic Party, but rather the main members of the Democratic Party on the committee." Most Republicans and some Democrats support allowing the Commodity Futures Trading Commission (CFTC) to temporarily regulate the spot market for crypto commodities, including Bitcoin and ETH. Republicans also support allowing Congress to define crypto securities and commodities, while most Democrats support the position that "most tokens are securities." Currently, Republican members of the committee have not formally submitted a stablecoin bill proposal. (Blockworks)