Patrick McHenry, Ranking Member of the United States House Financial Services Committee, and Bill Huizenga, Ranking Member of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. Send a letter Monday to Securities Exchange Commission (SEC) Chairman Gary Gensler to express their concerns about proposed SEC amendments to the Exchange Act of 1934 that would expand the definition of an exchange and the phrase “as a part of regular business.” The congressmen said the changes could stifle innovation in the digital asset ecosystem.

All of them stated that they understood Communication Protocol Systems will be part of the exchange definition under the long-awaited new language proposed January 26. Communication Protocol Systems are not mentioned explicitly in the proposal. This is the redefinition Coin Center sparked fireThis week. The crypto lobbying group said it would create a “speech-based definition” of an exchange and impact decentralized exchanges by requiring them to be licensed. Coin Center claimed this would constitute a violation to freedom speech.