Ahead of the US House of Representatives panel committee on digital assets, financial technology and diversity, a statement issued by Democratic lawmakers stated that there was a Democratic contradiction in the login password control problem.

In a notepad on March 6, Poroshenko of the US House of Representatives Financial Information Services Committee indicated that the first hearing of the working Group on Digital assets, Financial Technology and inclusion will focus on the attack of the Ban Ki-moon administration on the digital asset ecosystem. The hearing, scheduled for March 9, is one of the first hearings since US congressman Patrick McBurt became the current chairman of the committee at the beginning of the 118th U.S. Congress.

"over the past few years, the Ban Ki-moon administration has issued statements that have unduly harmed the digital asset ecosystem and made policy proposals," the notepad said. "in this kind of practice, many can be regarded as abuse of power," he said. In addition, the cost of these policies should not be underestimated. Because of the actions taken by this administration, the United States faces the risk of taking the digital asset ecosystem overseas.

Representatives of the login password industry, including BitGo co-founder and CEO Mike bear and Coinbase chief legal officer Wade Kalanwo, will testify at the hearing. In addition, the working group committee also listed five legal bills related to login passwords that have been resolved, including McBurt's "United States maintenance of Independent Innovation Act."

"regulators can disclose that digital assets are subject to the same regulatory means as other property, and then use the same rules, or regulators can say that they are different and establish a new standard," Xiong Shi said in his prepared testimony. " "but regulators cannot claim that property is different on the one hand and that standards have already been understood on the other."

He added:

"I think emphasizing that this is not a unique incorrect approach to guidance by the incumbent government," he said. Under the supervision of successive governments, this letter was submitted to SEC in 2018. The degree of difficulty of keeping up with innovation will not change.

In September 2022, the White House released a comprehensive framework of digital assets based on scientific research by federal government agencies, including six key areas of US login password regulation. Tonya Evans, a professor at Rice University's Dickinson School of Law in Pennsylvania, who expects to attend the hearing as a witness, pointed out in a prepared speech that the framework did not live up to its performance pledge:

"the framework provided by the government is more about the organization's preliminary verification of conclusions and recommendations than a workable framework that can be effectively relied on by regulated parties, so as to facilitate reasonable and legitimate operation within the negotiation standards established by this novel, programmable and dynamic asset class."

The working group committee hearing comes a year after U. S. President Joe Biden signed administrative regulations dedicated to creating a digital asset control framework. The directive encourages federal agencies to re-scientifically study the potential harm of digital money to the US financial system and, in some cases, to develop institutional proposals.