US Democrats are preparing a new cryptocurrency bill with expanded powers of the SEC.
The Democrats in the House of Representatives are discussing a new bill to regulate the crypto market, which they plan to present in the next Congress.
According to journalist Eleanor Tartt, the document could expand the SEC's powers and limit the CFTC's role in overseeing cryptocurrencies.
The bill may also include amendments previously rejected by Democrats and restrictions on the cryptocurrency activities of Donald Trump and other federal officials.
Republicans are already calling the initiative a political bill aimed more at signaling the Democrats' position than enacting new rules.