The Crypto Market Integrity Coalition (CMIC) recently increased the intensity of its demands that the US administration create a transparent regulatory framework for digital assets. In a recent letter to President Joe Biden and Vice President Kamala Harris, CMIC emphasized the urgent need for such legislation and the potential benefits it may have for the US economy and national security.
CMIC, an association of companies dedicated to maintaining market integrity in the digital asset field, emphasized that a well-managed U.S. market for crypto assets could safeguard consumers, support the currency, and increase U.S. competitiveness internationally.
However, the alliance applauded the administration for its recent recognition of the need for a fair regulatory framework, which they see as essential to protecting investors and promoting the responsible development of digital assets.
A national framework for paying stablecoins is one area where the coalition’s recent bipartisan efforts in Congress have produced promising legislative measures, some consistent with the administration’s long-standing requests for action. CMIC’s endeavors signify noteworthy advancements in accomplishing the administration’s objective of creating a secure and stable regulatory framework for virtual currencies.
Crypto Regulations Worldwide
In addition, CMIC’s letter emphasized the broader significance of regulatory clarity by pointing out that other countries—such as the European Union and Japan—have either implemented or are considering implementing complete frameworks for digital assets.
According to CMIC, the absence of a federal framework in the United States currently exposes American consumers to risk and inhibits homegrown innovation. However, The coalition issued a warning, claiming that the lack of clear regulations has made it possible for dishonest parties to take advantage of the digital asset market, leading to significant losses that could have been avoided with fundamental consumer protections.
The letter concluded by vehemently urging the administration to prioritize regulatory clarity over enforcement, emphasizing the need for clear regulations to encourage compliance and protect American interests.
The CMIC advised the administration to work with Congress to enact the flagship bill this year, pointing out that the consequences of not doing so would be severe for the United States nationally and internationally. However, the alliance stated that they continued to support the administration’s agenda and regarded themselves as a resource for information in talks and negotiations about regulating digital assets.
Related Reading | DOGE Set For 10x Growth, Says Analyst
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
Comments (No)