Patrick McHenry, ranking member of United States House Financial Services Committee, and Bill Huizenga, ranking member of Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. SentA letter addressed Monday to Gary Gensler, Chairman of the Securities Exchange Commission (SEC), was received. The letter expressed concerns about the 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 congresspeople said the changes could stifle innovation in the digital asset ecosystem.

All of them stated that communication protocols systems were included in the exchange definition under the long-awaited new language proposed January 26. Proposal does not specifically mention communication protocols systems. 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 would impact decentralized exchanges by requiring them to be licensed. Coin Center claimed that the proposed change would violate freedom of speech.