In
a letter dated Wednesday, the group told Treasury Secretary
Janet Yellen that part of the bill was "ambiguous" because
Treasury could interpret who within the digital asset ecosystem
qualifies as a "broker" beyond what Congress intended, and urged
against "a potentially expansive reading of the 'broker'
definition."
"As nascent financial technologies develop, we must ensure
requirements imposed on the digital asset ecosystem are both
crafted and implemented in such a way to ensure the United
States remains at the forefront of financial innovation," the
lawmakers, including Representatives Patrick McHenry, a
Republican, and Tim Ryan, a Democrat, wrote.
Reuters could not immediately confirm the report, which comes as
the Biden administration is expected to unveil preliminary
guidance regarding cryptocurrencies and other digital assets in
coming days, according to Punchbowl.
Bloomberg News last week reported the administration was
preparing to release its initial government-wide digital assets
strategy as soon as February.
On Monday, U.S. Deputy Treasury Secretary Wally Adeyemo told
CNBC new crypto related rules were coming soon.
Digital assets are run by private actors, and some bank
officials have urged U.S. regulators to clarify what would be a
regulated digital asset, including crypto.
U.S. regulators have been eyeing the rapid growth of
cryptocurrencies over concerns it could put the financial system
at risk if left unchecked. Top cryptocurrency company executives
have urged against tough restrictions.
In November, U.S. President Joe Biden's administration reversed
a Trump-era policy that gave banks permission to provide crypto
custody services, with the Office of the Comptroller of the
Currency telling banks they need written permission from bank
supervisors before engaging in cryptocurrency-related
activities, including custody services.
(Writing by Susan Heavey; Editing by Kirsten Donovan)
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