A coalition of cryptocurrency advocates is urging the US administration to implement a comprehensive regulatory framework for digital assets, citing benefits for economic stability and national security.
According to a post by Chen Arad, the Crypto Market Integrity Coalition (CMIC) sent a letter to President Joe Biden and Vice President Kamala Harris on August 7 emphasizing the importance of clear regulatory guidelines to enhance consumer protection and uphold the US’s global technology leadership.
The letter argued that a well-defined framework would bolster the US dollar and technological progress. The CMIC highlighted the increasing prevalence of digital currency payments, with 90% of merchants expecting widespread adoption. The coalition also noted that other major economies, including the EU, UK, Japan, Singapore, UAE, and Hong Kong, are already developing or have implemented clear legal frameworks for digital assets.
“The United States remains the only major economy without a federal regulatory framework for payments and digital assets,”
the letter stated.
Though the current administration nearing the end of its term, the coalition criticized the US for its inconsistent regulatory approach to the sector. The coalition argued that it has hindered domestic innovation and left consumers vulnerable to fraud. They claimed that basic consumer protections could have mitigated many financial losses in recent years.
Additionally, the letter pointed out that the US’s heavy-handed enforcement tactics have inadvertently encouraged market manipulation, particularly within the unregulated offshore crypto market. Notably, the letter referenced President Biden’s 2022 Executive Order on digital assets which proposed measures for consumer protection and financial stability and explore the potential of a US central bank digital currency (CBDC).
The coalition urged the administration to adopt a proactive approach to setting clear regulatory standards rather than relying exclusively on enforcement measures to cultivate a “compliance mindset” among digital asset users, including those operating outside the US.
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