A leaked internal memo circulated among Democrats on the House Financial Services Committee after the House cryptocurrency hearing adjourned on May 15, showing Democratic lawmakers advocating the Securities and Exchange Commission (SEC) as the main regulator of cryptocurrency.Ron Hammond, head of government relations at the Blockchain Association, said it was not the Democratic Party as a whole, but a key member of the committee.Most Republicans and some Democrats support allowing the CFTC to temporarily regulate the spot market for encrypted goods, including Bitcoin and ETH.Republicans also support the inclusion of Congress in defining cryptographic securities and commodities, while most Democrats support the idea that most tokens are securities.Currently, the committee Republicans have not formally submitted a bill to the Stabilization Currency Act.