Ahead of the May 10 hearings, Democratic Party members of the U.S. House Committee on Financial Services were given a memo instructing them to support the party's stance on crypto regulation. The leaked memo highlighted six key messages that Democrats on the committee were expected to reiterate during the hearings. These messages included accusations that Republicans on the committee are not interested in protecting investors and consumers, and that they are seeking to undermine the SEC's authority. The memo also urged the SEC to continue leading the regulation of the U.S. crypto market, and called on Congress to provide the regulator with the necessary resources.