Democratic memo calls crypto legislation FIT 21 and revocation of SAB 121 “particularly harmful”

According to TechFlow, on September 18, Fox Business reporter Eleanor Terrett revealed that she had obtained a memo prepared by the Democratic leadership for today's Financial Services Committee hearing.

The memo’s wording and framing suggest that cryptocurrency remains a highly partisan issue from the perspective of Democratic leadership.

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” and blames the proposals on “extreme MAGA Republicans.”