A crypto coalition is urging the US administration to establish a clearer regulatory framework for digital assets, arguing that it would bring significant economic and national security benefits to the country.
In an Aug. 7 letter to President Joe Biden and Vice President Kamala Harris, the Crypto Market Integrity Coalition (CMIC) stated that clear regulatory guidelines would enhance consumer protection against malpractices in the US. It argued that such rules would bolster the US dollar and maintain America’s technological leadership.
It was sent as the US admin is close to its term’s end, with the upcoming US presidential election on the horizon. Democratic nominee Harris has yet to publicly state her stance on cryptocurrency. In contrast, her opponent, Donald Trump, is actively supporting a pro-crypto campaign.
1/ In a letter sent this morning to President @JoeBiden and @VP Harris, the Solidus-founded Crypto Market Integrity Coalition (CMIC) urges the @WhiteHouse to support a safe, regulated, and competitive U.S. market for digital assets. pic.twitter.com/dwViL5tatA
— Chen Arad (@AradChen) August 7, 2024
Crypto Coalition References Biden’s Executive Order in Push for US Digital Asset Strategy
The letter referred to President Biden’s 2022 Executive Order on digital assets, describing it as one initiative to realize its vision. This order aimed to provide recommendations for consumer protection and financial stability in the US. It also opened discussions on a potential US central bank digital currency (CBDC).
Further, the coalition cited data suggesting that digital currency payments will soon become commonplace, with 90% of merchants anticipating their widespread adoption. This prediction aligns with current trends, as over 16% of Americans have already experienced using digital assets. Additionally, large corporations are increasingly leveraging distributed ledger technology to streamline both retail and wholesale operations.
Global Economies Ahead of US in Crypto Regulation: Letter
Moreover, it also highlighted the growing regulatory interest in digital assets. It noted that several major economies, including the EU, UK, Japan, Singapore, UAE, and Hong Kong, are developing or have already established clear legal frameworks to govern this emerging sector.
“The United States stands alone in lacking both a federal payments and digital asset regulatory framework,” it added.
The coalition called out the US for its ambiguous regulatory stance on cryptocurrencies, arguing that it has stifled domestic innovation and made consumers vulnerable to fraud. It asserted that many financial losses incurred in recent years could have been prevented with fundamental consumer safeguards.
Furthermore, the letter pointed out that the US’ aggressive enforcement approach has inadvertently encouraged market manipulation, especially within the unregulated offshore crypto industry.
“We encourage your administration to take meaningful steps to outline clear rules of the road, rather than relying solely on enforcement, to foster a “compliance-mindset” in the wider use of digital assets, particularly among non-U.S. actors,” it said.
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