The Blockchain Association on Friday criticized the “Comprehensive Framework” for the regulation of cryptocurrencies published by the White House, stating that it was a “missed opportunity” to cement the United States’ relationship with digital assets.
In a statement, Christine SmithCEO of the Blockchain Association stated that while intended to be part of a broader government and stakeholder effort to bring better regulation to cryptoassets, these reports focus on risks – not opportunities – and leave out substantive recommendations on how the US can advance its burgeoning development. crypto industry, including job creation, improvements to the financial system, and expanded access for all Americans.
Lost opportunity: Blockchain Association
“Today’s reports and summary of the Biden administration’s executive order on digital assets is a missed opportunity to cement American crypto leadership…Crypto is here forever – we will continue to work with the administration and Congress to advance constructive policies that will encourage innovation and ensure that all Americans can enjoy the full benefits of crypto networks,” she said.
After six months of research into the cryptocurrency industry, the White House published the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” outlining the findings and proposals of several government departments.
President Joe Biden signed an executive order directing his government to study crypto last March.
Like the order, the “Comprehensive Framework” does not establish any new laws, but it does provide a clearer picture of how crypto regulation in the United States will be handled.
The new framework claims to reflect “input and experience from a range of stakeholders across government, business, academia and civil society” and is based on research from nine studies that have been presented to the president since his order.
The stakeholders have a wide range of concerns, and their proposals go beyond the obvious (such as consumer rights, the environment, and national security) to strengthen America’s position as a world leader in crypto by promoting private sector innovation and global cooperation.
Bitcoin maximalists criticize the crypto framework
Meanwhile, Bitcoin BTC/USD maximalists Michael Saylor and Dylan LeClair criticised The Biden administration’s crypto framework and alleged environmental concerns are being used as a pretext to “undermine” Bitcoin.
“The latest White House crypto climate and energy report is full of misinformation generated and promulgated by unscrupulous crypto promoters to undermine #Bitcoin and advance their own interests,” Saylor said on Twitter.
Crypto frameworks are just the beginning
The study to create a thorough regulatory framework for cryptocurrencies in the United States was among the first required after President Biden gave the order in March, but the job is far from over.
The consequences of launching a digital dollar will be studied further by the Fed and the Treasury Department.
According to the White House, the Financial Stability Oversight Council will issue a report in October on the dangers to financial stability posed by digital assets and the corresponding regulatory gaps.
The framework is divided into the following sections: “Protecting consumers, investors and businesses”, “Promoting access to safe, affordable financial services”, “Promoting financial stability”, “Promoting responsible innovation”, “Strengthening our global financial leadership and competitiveness, ” “Fighting illegal Finance,” and “Exploring a US Central Bank Digital Currency (CBDC).”
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Photo: Made with a photo from jlhervàs on Flickr.