Crypto community responds to US democrats backing SEC’s crypto authority By Cointelegraph

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The United States Democratic Party has expressed its intent to back the Securities and Exchange Commission’s (SEC) total authority over crypto in a memo circulated among committee members before a hearing. The documents were shared on social media, causing backlash from crypto community members.

On May 10, the documents were shared on Twitter, highlighting key messages for the democrats to support the SEC’s authority on crypto regulation. This includes its argument that nearly all digital assets constitute securities.