KEYTAKEAWAYS
- Crypto Market Integrity Coalition sends letter to President Biden and Vice President Harris.
- Clear regulations could bring significant economic and national security benefits to the US.
CONTENT
Leading crypto firms, including Robinhood and Gemini, call for a comprehensive regulatory framework to protect consumers, promote the US dollar, and secure America’s technological edge in the rapidly evolving digital asset landscape.
Crypto Market Integrity Coalition (CMIC), a group of prominent cryptocurrency firms, has joined the growing chorus calling for clearer digital asset regulations from the Biden administration. In a letter addressed to President Joe Biden and Vice President Kamala Harris on August 7, the coalition emphasized the potential for “enormous economic and national security benefits” if a comprehensive regulatory framework is implemented.
Today, we are proud to join the Crypto Market Integrity Coalition’s letter to @POTUS and @VP urging the admin to move forward with a comprehensive digital asset regulatory framework to protect consumers, promote the U.S. dollar, and support American competitiveness. 🧵👇 pic.twitter.com/zgLTaIkESA
— The Digital Chamber (@DigitalChamber) August 7, 2024
The CMIC, which includes industry leaders such as Robinhood, BitGo, OKX, Gemini, Chainalysis, and Elliptic, argued that establishing “clear rules of the road” would better protect US consumers from bad actors while promoting the US dollar and securing America’s technological edge in the rapidly evolving digital asset landscape.
The coalition highlighted the importance of digital assets utilizing open, public blockchains, stating that they present “an important opportunity to further cement American values and norms into the global financial system.” This is particularly relevant for US dollar-backed stablecoins, which currently dominate the $164 billion stablecoin market with a 97.5% share, according to CoinGecko data.
While acknowledging the US securities regulator’s strict enforcement approach in combating market manipulation, money laundering, and fraud, the CMIC stressed that industry-led efforts alone are insufficient without a clear regulatory framework. The coalition pointed to the Financial Innovation and Technology for the 21st Century Act and the Digital Commodities Act as potential legislative solutions to provide the necessary guidance for US firms.
In a parallel move, The Digital Chamber, another crypto advocacy group, announced plans to deliver a letter to every US senator, explaining how Bitcoin could strengthen the nation’s balance sheet and secure its position as a global leader. The letter references a bill introduced by Wyoming Senator Cynthia Lummis, proposing the establishment of Bitcoin vaults by the Treasury and the acquisition of at least 1 million Bitcoin over five years.
As the crypto industry continues to evolve, the call for clear regulations grows louder, with industry leaders emphasizing the potential benefits for both the US economy and its global standing in the digital asset space.
>> Also read:
- Crypto Mom Hester Peirce Outlines Vision for Web3 Regulation at ABS 2024
- 2024 U.S. Crypto Regulation and Market Impact Analysis
