Blockchain Association Criticizes Biden Administration’s Crypto Framework – Bitcoin (BTC/USD)

The Blockchain Association on Friday criticized the “comprehensive framework” for cryptocurrency regulations released by the White House, saying it was a “missed opportunity” to cement the United States’ relationship with digital assets.

In a report, Christine Smithexecutive director of the Blockchain Association, said that while they are intended to be part of a broader government and stakeholder effort to bring better regulation to crypto assets, these reports focus on risk – and not on the opportunities – and omit substantive recommendations on how the United States can promote its rise. the crypto industry, including creating jobs, improving the financial system, and expanding access for all Americans.

Missed Opportunity: Blockchain Association

“Today’s reports and summaries of the Biden Administration’s Executive Order on Digital Assets are a missed opportunity to cement U.S. leadership in crypto… Crypto is here to stay – we will continue to work with it. administration and Congress to advance constructive policies that will encourage innovation and ensure that all Americans can fully experience the benefits of crypto networks,” she said.

After six months of research into the cryptocurrency industry, the White House released the “First Comprehensive Framework for Responsible Development of Digital Assets” which outlines findings and suggestions from multiple departments.

President Joe Biden signed an executive order and ordered his government to study cryptos in March last year.

Like the ordinance, the “Overall Framework” does not establish any new laws, but it does provide a clearer picture of how crypto regulations in the United States will be handled.

The new framework claims to reflect “the input and experience of many stakeholders from government, business, academia and civil society” and is based on research from nine studies that have been presented to the President since his order.

Stakeholders have a wide range of concerns, and their proposals go beyond the obvious (such as consumer rights, the environment, and national security) to cement the United States’ position as a global leader in cryptography by fostering private sector innovation and global cooperation.

Bitcoin Maximalists Criticize Crypto Framework

Meanwhile, Bitcoin BTC/USD maximalists Michael Saylor and Dylan LeClair critical the Biden administration’s crypto framework and alleged that environmental concerns are being used as a pretext to “undermine” Bitcoin.

“The latest White House Crypto Climate and Energy Report is rife with false information generated and promulgated by unscrupulous crypto proponents in order to undermine #Bitcoin and further their own interests,” Saylor said on Twitter.

The encryption framework is just the beginning

The study on creating a thorough regulatory framework for cryptocurrencies in the United States was among the first needed after President Biden issued the order in March, but the work is far from done.

The ramifications of launching a digital dollar will be further investigated by the Fed and the Treasury Department.

According to the White House, the Financial Stability Oversight Board will release a report in October on the dangers to financial stability posed by digital assets and corresponding regulatory gaps.

The framework is divided into several sections: “Protecting consumers, investors and businesses”, “Promoting access to safe and affordable financial services”, “Fostering financial stability”, “Promoting responsible innovation”, ” Strengthening Our Global Financial Leadership and Competitiveness,” “Combating Illicit Finance” and “Exploring a US Central Bank Digital Currency (CBDC).”

Are you ready for the next crypto bull run? Be ready before that happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci at the Benzinga Crypto Conference 2022 on December 7 in New York.

Photo: Created with an image by jlhervàs on Flickr.

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