Crypto Coalition Calls for Clear Regulations, Urges Biden Administration to Act

In a significant crypto coalition move, the Crypto Market Integrity Coalition (CMIC) has called on the Biden administration to establish a clear regulatory framework for digital assets. In an August 7 letter addressed to President Joe Biden and Vice President Kamala Harris, the coalition outlined the potential economic and national security benefits that clear regulations could bring to the United States.

Need for Clear Regulations

The CMIC, which includes prominent members such as Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko, and Matrixport, emphasized that defining “clear rules of the road” is essential to protect U.S. consumers from bad actors. “Digital assets utilizing open, public blockchains present an important opportunity to further cement American values and norms into the global financial system,” the CMIC stated in its letter. The coalition believes that clear regulations would not only promote the U.S. dollar but also secure America’s technological edge.

This call comes at a time when U.S.-dollar backed stablecoins account for more than 97.5% of the total $164 billion stablecoin market, according to CoinGecko data. The CMIC stressed that it is crucial for the U.S. to reinforce its democratic principles, financial inclusion, and respect for the rule of law in the digital economy.

Crypto Coalition: Supporting Legislation

The coalition highlighted two leading bills that could provide the necessary regulatory framework: the Financial Innovation and Technology for the 21st Century Act and the Digital Commodities Act. These bills aim to create clear guidelines for U.S. firms to follow, ensuring a fair and transparent market environment.

While acknowledging the U.S. Securities and Exchange Commission’s (SEC) strict enforcement approach in combating market manipulation, money laundering, and fraud, the CMIC argued that these efforts are insufficient without a comprehensive regulatory framework. “The industry has made significant strides in self-regulation, but without clear federal guidelines, the progress remains limited,” noted a CMIC spokesperson

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Crypto Coalition: Industry and Legislative Support

Apart from the CMIC, other industry advocates are also pushing for regulatory clarity. The Digital Chamber, another prominent crypto advocacy group, recently announced plans to deliver a letter to every U.S. senator. This letter will explain how Bitcoin can bolster the nation’s balance sheet and enhance its global leadership, providing stability amid economic uncertainties. The effort supports a bill introduced by Wyoming Senator Cynthia Lummis, which proposes that the Treasury establish Bitcoin vaults and acquire at least 1 million Bitcoin over five years. This initiative is part of the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024, also known as the Bitcoin Act of 2024.

The CMIC’s letter reflects growing frustration within the crypto industry regarding the lack of regulatory clarity. Many industry leaders believe that a well-defined framework would not only foster innovation but also ensure the U.S. remains competitive on the global stage.

Final Thoughts

The call from the Crypto Coalition underscores the urgent need for a clear regulatory framework for digital assets in the United States. By outlining the potential benefits of such regulations, the CMIC aims to prompt the Biden administration to take decisive action. As the digital economy continues to evolve, establishing clear rules of the road will be crucial in protecting consumers, promoting the U.S. dollar, and securing America’s technological edge.

As the debate over digital asset regulation intensifies, the industry will be watching closely to see how the administration responds to these calls for clarity and leadership in the burgeoning crypto market. The CMIC’s efforts represent a significant step towards achieving a regulated and secure digital asset environment in the U.S., aligning with the country’s economic and national security goals.

This news article provides a comprehensive overview of the Crypto Market Integrity Coalition’s recent call for regulatory clarity, highlighting the importance of clear rules and the potential benefits for the U.S. economy and national security. Keep following TheBITJournal and stay updated on the next crypto coalition developments.