Scoop: There’s a quiet civil war happening in the crypto sector over its legislative future. Sen. Elizabeth Warren (D-Mass.) is wading into it and finding herself some unlikely allies.
We obtained a memo drafted by Democratic staff on the Senate Banking Committee outlining several concerns with the Republican market structure legislation. A top Warren worry is that the Responsible Financial Innovation Act would take a “hammer” to federal securities law by creating the concept of an “ancillary asset,” which would be exempt from securities law.
That concern happens to be shared by Andreessen Horowitz, the prominent venture capital firm with ties to industry titans like Coinbase.
Read the document here.
