Democratic Memo Calls Cryptocurrency Legislation FIT 21 and Repeal of SAB 121 “Particularly Harmful”

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 memo's wording and framing suggests that cryptocurrency remains a highly partisan issue from the perspective of Democratic leadership.
The memo describes the bipartisan cryptocurrency legislation FIT 21 (Financial Innovation and Technology Act) and the proposed rescission of SAB 121 (Accounting Bulletin) as “particularly harmful legislation” and blames these proposals on “extreme MAGA Republicans “.