A confidential memo distributed among Democratic committee members ahead of a digital asset regulation hearing has been leaked to the press. Eleanor Terrett, journalist and producer at Fox Business, first uncovered the document.

The memo reveals the Democrats’ key messages for the hearing, including their support for the SEC’s authority over cryptocurrency regulation and their belief that most cryptocurrencies are securities. It also accuses Republicans of trying to cut the budgets of financial regulators and prioritizing pro-crypto legislation over a clean debt ceiling bill.