The Democratic Party in the US Senate approves the Republican encryption bill or evades regulation

The Democratic Party of the United States Senate Banking Committee criticized the Republican proposed cryptocurrency legislation draft, stating that it provides a "highway for traditional assets to evade regulation" and expressing concerns that assets such as stocks can evade SEC regulation through tokenization. The Democratic Party points out that the definition of "ancillary assets" in the draft is too broad, which may lead to insufficient investor protection and increase market risks. In addition, the Democratic Party expressed concern that the draft does not restrict the impact of the Trump family's cryptocurrency business.