According to TechFlow, on September 18, Fox Business reporter Eleanor Terrett disclosed that she had obtained a memo prepared by the Democratic leadership for today's Financial Services Committee hearing. The wording and framework of the memo clearly show that from the perspective of the Democratic leadership, cryptocurrency is still a highly partisan issue.

The memo calls bipartisan cryptocurrency legislation FIT 21 (Financial Innovation and Technology Act) and a proposed repeal of SAB 121 (Accounting Bulletin) “particularly harmful legislation,” blaming the proposals on “extreme MAGA Republicans.”