Members of the crypto space and advocacy groups have reacted to the administration of US President Joe Biden to issue a regulatory framework for digital assets, with many suggesting that the White House is focusing on the potential downsides of cryptocurrencies.
In Friday’s announcement, the White House said that federal agencies and departments Nine reports have been submitted As required by Biden’s executive order on cryptocurrency as of March. Among the information presented in the factsheet, the policy objectives of the US central bank’s digital currency, ways to mitigate the potential impact of crypto-energy use on the climate, regulatory objectives for enforcement actions, and rules for handling risk and consumer protection were among the information.
The Biden administration said the Treasury Department will submit a report on its “Illicit Finance Risk Assessment on Decentralized Finance” by February 2023, adding that federal agencies will “continue to expose and disrupt illicit actors and address the misuse of digital assets.” In addition, the White House said it would support Payment systems Similar to FedNow, which the Federal Reserve plans to launch in 2023.
Crypto Analyst Dylan Leclerc and MicroStrategy Co-Founder Michael Saylor Criticize management position on twitter, claim It was using environmental concerns as an excuse to expand its control over digital assets:
“If you don’t like how someone uses energy, pay a higher price for them […] No amount of hysteria about climate change will stop mining the next block.”
“Today’s reports and summaries from the Biden administration’s executive order on digital assets are a missed opportunity to advance crypto leadership in the United States.” He said Kristen Smith, CEO of the US-based Blockchain Association. “While intended to be part of government and broader stakeholders’ efforts to provide better regulation of crypto assets, these reports focus on risks — not opportunities — and ignore substantive recommendations on how the United States can boost the burgeoning crypto industry.”
The proposed framework for the White House is a disgrace.
A clear attack on proof of work by suggesting that they will set environmental standards for mining.
FedNow Pay on Cryptocurrency
Frame everything as a potential scam or threat
– Playing the volatility and consumer risk
– Wolf of All Streets (scottmelker) September 16, 2022
Speaking to Cointelegraph, Sheila Warren of the Crypto Innovation Council said 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 following administration:
“In yesterday’s session [on regulating crypto]Many seemed concerned about other countries bypassing the United States. Regulation by enforcement is not a regulatory clarity. If we regulate through enforcement, it also gives other countries a clear path to see how the technology works for their interests, which may conflict with those of the United States.”
Reports regarding the creation of a comprehensive regulatory framework for cryptocurrencies in the United States were among the first requested since President Biden announced the order in March, but the work is far from over. The Treasury and Federal Reserve will Continue to search for antiquities To launch a digital dollar. The White House said the Financial Stability Oversight Board will publish a report in October on the financial stability risks of digital assets and related regulatory gaps.