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On the eve of a U.S. House of Representatives hearing to scrutinize a bill to establish rules for the crypto markets, Democrats said they’ve been stymied from seeking technical information about its effects from the U.S. Securities and Exchange Commission, according to staffers.

Regulatory agencies such as the SEC routinely give technical analysis to lawmakers, answering questions about the potential effects of legislative efforts such as the Digital Asset Market Clarity Act that would establish regulatory guardrails for digital assets. Democratic staff on the House Financial Services Committee submitted questions to the SEC about the bill and in a briefing were denied basic answers that were previously given to Republicans, according to the Democratic aides who asked not to be named. The agency also didn’t offer its subject-matter experts for the discussion, they said.

On Tuesday, the panel’s ranking Democrat, Representative Maxine Waters of California, prepared a letter to SEC Chairman Paul Atkins to demand “comprehensive technical and impact analysis” of the crypto market structure bill. She included several pages of questions in a draft reviewed by CoinDesk, contending that “fulsome answers to the questions raised above are necessary for the American people, through their representatives in Congress, to determine whether this legislative proposal addresses the unique risks related to crypto, and would foster the needed environment for responsible innovation to take root.”

The SEC “provides technical assistance to any Member of Congress who seeks it, including on these crypto-related bills,” a spokesperson told CoinDesk when asked about the complaints.

One of the staffers said that the SEC Crypto Task Force’s Landon Zinda, who moved to the agency from crypto advocacy group Coin Center in February, was meant to brief them but was unable to answer basic questions.

The House committee is set to hold the Clarity Act hearing on Wednesday after having recently introduced the long-negotiated legislation, a successor of the last sessions’ Financial Innovation and Technology for the 21st Century Act (FIT21). The House Agriculture Committee, which also has jurisdiction over the regulation of digital assets, is running its own hearing at the same time.

This bill represents the central policy goal of the crypto industry, which contends that it needs clear U.S. regulations to encourage investors who’ve waited on the sidelines and to keep crypto innovators from moving overseas.

The Democratic staffers say that members have concerns about the traditional securities firms finding loopholes in this major legislation that will allow them to skirt existing securities regulations.

But congressional Democrats haven’t acted as a block when it comes to this and a related stablecoin bill also making its way through the legislative process. While some leaders, including Waters, have opposed advancing crypto legislation, other Democrats have joined with Republicans to move bills forward in both the House and Senate.

Read More: Planned Crypto Hearing in U.S. House Derailed by Democrat Revolt

UPDATE (June 3, 2025, 20:01 UTC): Updates with a response from the SEC and further information from sources.

1. Target

Target (TGT 0.07%) stock has fallen in the recent correction, but it’s been struggling for a while, and is down more than 50% over the last three years. General weakness in consumer discretionary spending has weighed on the stock, along with internal issues like inventory management and a spike in theft. Additionally, while the company is a national multicategory retailer like Walmart and Costco Wholesale, it’s underperformed those peers because it makes most of its revenue from discretionary categories, rather than from groceries like Walmart and Costco.

However, Target is now close to as cheap as it’s been in the last 10 years, trading at a price-to-earnings (P/E) ratio of just 12. And it offers a current dividend yield of 4.2%.

Target’s guidance for 2025 wasn’t particularly encouraging and seemed to reflect the general malaise around consumer sentiment. For the current year, management forecast flat comparable-sales growth, and net sales growth of 1%. It also sees flat growth in adjusted earnings per share, to between $8.80 and $8.90.

Despite that weakness, Target still has fundamental strengths. It has a unique retail brand, known for “cheap chic” fashions and designer collaborations. It has a growing stable of owned brands, and at least 10 generate more than $1 billion each in revenue per year. Target also has an attractive suite of same-day fulfillment services; these include Drive Up (curbside) pickup, which complements its diverse and nationwide store base well, and Shipt, its same-day delivery service.

Target also announced bold goals for 2030 in its recent earnings report. It called for total sales growth of more than $15 billion, driven in part by a focus on categories like gaming, sports and toys. It also plans to introduce new owned-brands products, and has announced partnerships with brands like Champion, Disney, and Warby Parker.

Target is valued like a declining retailer at this point, but the company should get back to steady growth, especially if consumer sentiment strengthens. At the current valuation, even a modest improvement in performance could give a significant boost to the stock. Target is a good bet for a recovery from here.

2. Shopify

Staying in the retail and e-commerce sector, Shopify (SHOP 8.17%) also seems more attractive after the recent correction. In fact, shares of the e-commerce software company are now down 27% from their peak just a month ago, on the broader pullback around concerns about consumer sentiment and economic growth.

That makes sense: Shopify is a high-priced stock. Its business is sensitive to consumer spending and the broader economy. It relies on merchants paying for subscriptions, and then collects a portion of sales on its platform by processing payments.

However, Shopify has delivered phenomenal results in recent quarters in spite of the broader weakness in consumer discretionary spending. In the fourth quarter of 2024, revenue jumped 31% to $2.81 billion, on a 26% increase in gross merchandise value (GMV) to $94.5 billion. Shopify’s platform is outgrowing Amazon in GMV growth, showing the power of enabling any company of any size to seamlessly do business through e-commerce.

Shopify also continues to invest in new technology like artificial intelligence (AI), paving the way for future growth. Shopify Magic, for example, offers an image-editing tool that allows users to easily adjust the background of a product photo. It can also improve product descriptions and suggest FAQs for a seller’s website.

Shopify expects its momentum to continue into 2025, calling for a revenue growth percentage in the mid-20s and free cash flow (FCF) margin in the mid-teens.

After the recent sell-off, the stock now trades at a more reasonable valuation: Its price-to-sales ratio is around 14 and its P/E ratio less than 100, excluding gains on equity investments.

While a recession would be a setback for Shopify, the company still looks poised for success over the long term. It’s a good buy in the sell-off.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Jeremy Bowman has positions in Amazon, Shopify, Target, and Walt Disney. The Motley Fool has positions in and recommends Amazon, Costco Wholesale, Shopify, Target, Walmart, and Walt Disney. The Motley Fool recommends Warby Parker. The Motley Fool has a disclosure policy.