Biden Urged by Crypto Coalition to Establish Clear Regulations for Digital Assets
In a recent move, the Crypto Market Integrity Coalition (CMIC) has stepped up its demand for the U.S. administration to establish a clear regulatory framework for digital assets. In a recent letter addressed to President Joe Biden and Vice President Kamala Harris, CMIC highlighted the urgent need for such regulation, emphasizing the potential economic and national security advantages it could bring to the United States.
CMIC, a group comprising firms committed to upholding market integrity in the digital asset space, stressed that a well-regulated U.S. market for crypto assets could protect consumers, promote the U.S. dollar, and enhance American competitiveness on a global scale.
Global Crypto Regulatory Landscape
The coalition praised the administration’s recent acknowledgment of the necessity for a balanced regulatory framework, which they believe is crucial for safeguarding investors and encouraging responsible digital asset development.
The coalition pointed to recent bipartisan efforts in Congress that have resulted in promising legislative proposals, some of which align with the administration’s long-standing calls for action, particularly concerning the creation of a national framework for payment stablecoins. According to CMIC, these efforts represent meaningful progress toward achieving the administration’s vision of a safe and sound regulatory environment for crypto assets.
CMIC’s letter also underscored the broader implications of regulatory clarity, noting that other nations, including the European Union and Japan, have already implemented or proposed comprehensive frameworks for digital assets.
The U.S. currently lacks a federal framework, a gap that CMIC argues leaves American consumers vulnerable and stifles domestic innovation. The coalition warned that the absence of clear regulations has allowed bad actors to exploit the digital asset space, resulting in significant losses that could have been prevented with basic consumer protections.
The letter finished by strongly demanding the administration to put regulatory clarity over enforcement on the agenda, stating that clear rules are crucial for promoting compliance and safeguarding U.S. interests.
CMIC recommended the administration to collaborate with Congress to pass the flagship piece of legislation this year, noting that not doing so would be very bad for both America domestically and globally as well. The coalition maintained their willingness to back the administration’s agenda saying that they saw themselves as being a source of information in discussions and negotiation about the regulation of digital assets.
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