The founder of dYdZX argued that early-stage crypto projects can scale faster by ignoring U.S. customers, as they won't have to deal with the hassles of the U.S. regulatory climate.
Young people have been shown to be the biggest crypto adopters that also largely voted for the Democrats in the last election.
The proposed bill would require top government officials and lawmakers to declare all personal crypto holdings over $760.
Speaking at the Financial Markets Conference, the SEC chair asserted that the rules for crypto are already in place and that the crypto sector has been largely non-compliant.
Patrick McHenry suggested that the hearings will look to add to the regulatory efforts being done on the bipartisan bill led by Senator Cynthia Lummis and Senator Kirsten Gillibrand.