Attorney John E. Deaton, the founder of CryptoLaw and a pro-XRP lawyer, recently lauded Fox Business journalist Eleanor Terrett for releasing a document that outlines plans for a large-scale crackdown of cryptocurrencies in the United States. Deaton and Fox Business Senior Correspondent Charles Gasparino referred to Terrett as “Crypto Kid” in a tweet acknowledging her role in revealing the Democrats' negative stance towards digital assets.

Yesterday, crypto enthusiasts were shocked after Terrett released a memo intended for recipients from the United States Democratic House financial services committee. It directed Democrat lawmakers to regulate all crypto assets as securities. The memo, as reported by Forbes, stated that the market's lack of compliance can't be accommodated with new regulatory frameworks.

Like unveiled regulations in countries like the United Arab Emirates and the United Kingdom, the United States government has also been compelled to reply to the crypto surge. Last year, President Joe Biden issued an executive order requesting all federal agencies to prepare a suitable response. In response to this, the Securities Exchange Commission (SEC) declared that all cryptos, excluding Bitcoin, should be considered securities, with the aim of becoming the nation's primary crypto regulator.

Nevertheless, this idea has not been well received by several crypto stakeholders, including Ripple CEO Brad Garlinghouse. They believe that the SEC hasn't acted in what is best for the emerging industry, citing its strict remedies. Even so, the memo implies that the SEC should lead the U.S. crypto market.

It is expected that Wednesday's joint hearing will show if Democrats will adhere to the memo's guidelines or not. Attorney John E. Deaton has applauded Terrett for delivering this key information to the public, upholding the message that precise and reliable knowledge is essential when conducting business in the crypto space.



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