Members of the crypto space and advocacy groups reacted to the release by the administration of US President Joe Biden of a regulatory framework on digital assets, with many suggesting that the White House focused on potential aspects. industry negatives.
In an announcement made on Friday, The White House said that federal agencies and departments had submitted 9 reports as required by Biden’s executive order on the crypto sector since March. Information in the fact sheet included the US central bank’s policy goals for a digital currency.ways to mitigate the potential impact of cryptocurrency energy use on the climate, and regulatory goals for enforcement actions, standards to address risks, and consumer protection.
The Biden administration said that the Treasury Department will report on an “illicit finance risk assessment in decentralized finance” by February 2023, adding that federal agencies “will continue to expose and disrupt illicit actors and address abuse of digital assets.” Additionally, the White House said it would support payment systems similar to FedNow, which the Federal Reserve planned to launch in 2023.
Cryptoanalyst Dylan LeClair and MicroStrategy co-founder Michael Saylor criticized the administration’s stance on Twitter, affirming that it was using environmental concerns as a pretext to expand its control over digital assets:
“If you don’t like how someone uses energy, pay a higher price than they do.” […] No amount of hysterical screaming about climate change is going to stop the next block from being mined.”
“Today’s briefings and summaries of the Biden administration’s executive order on digital assets are a missed opportunity to cement America’s leadership in cryptocurrency,” said Kristin Smith, executive director of the Blockchain Association, based in London. USA. “While purporting to be part of a broader government and stakeholder effort to bring better regulation to crypto assets, these reports focus on the risks — not the opportunities — and omit substantive recommendations on how the United States can further its burgeoning cryptocurrency. cryptocurrency industry.
The White House’s proposed framework is a fucking disgrace.
– Clear attack on proof-of-work by implying they will set environmental standards for mining.
– Pushing FedNow over crypto
– Framing everything as a potential scam or threat
– Harping on volatility and consumer risk— The Wolf Of All Streets (@scottmelker) September 16, 2022
The framework proposed by the White House is a fucking shame.
– Clear attack on proof-of-work by insinuating that they will establish environmental standards for mining.
– Push FedNow over cryptocurrencies
– Frame everything as a potential scam or threat
– Insist on volatility and risk for the consumer
Speaking to Cointelegraph, Sheila Warren of the Crypto Council for Innovation said that the policy recommendations appeared to be based on an “outdated and unbalanced understanding” of cryptocurrencies, which could leave the details to be determined by other lawmakers or the next administration:
“At yesterday’s hearing [sobre la regulación de las criptomonedas], many seemed worried that other countries would jump ahead of the United States. Regulation through the app is not regulatory clarity. If we regulate through the app, it also gives other countries a clear runway to figure out how the technology works for their interests, which may be contrary to those of the United States.”
Reports on establishing a full regulatory framework for cryptocurrencies in the US were some of the first needed since President Biden announced the order in March, but the work is far from over.. The Treasury Department and the Federal Reserve will continue to investigate the implications of the release of a digital dollar. The White House said the Financial Stability Oversight Board will release a report in October on the financial stability risks of digital assets and related regulatory gaps.
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