Critics Warn of Biden Administration’s Threat to Crypto Assets
In a new memo addressed to the House Committee on Financial Services members, Republicans in the U.S. House of Representatives have criticized the White House for their approach to crypto assets.
According to the memo, the Biden administration’s stance on crypto assets threatens the nascent industry, which has been thriving in recent years.
The Republicans acknowledge that the digital assets market is currently worth around $1 trillion, with Bitcoin and Ether making up about 60%. The digital asset ecosystem contains diverse businesses and operations united in their shared use of distributed ledger technology.
However, the Republicans claim that the crypto industry in the U.S. is now at risk of being pushed overseas due to the rules proposed by the Biden administration over the last two years. They argue that many policies represent an overreach of jurisdictional authority and could have significant consequences for the industry.
The memo urges cooperation between enforcement agencies and calls for lawmakers to develop clear regulatory guidelines for the crypto industry to prevent it from being pushed overseas. The Republicans have long advocated for increased collaboration across agencies to provide regulatory certainty in the digital asset space. They have worked to encourage federal regulators to nurture innovation in a thoughtful and deliberative manner.
Over the last several months, events have made it clear that Congress must enact legislation to clarify the digital asset ecosystem. In light of this, the Republicans believe that lawmakers must come up with clear guidelines that will enable the industry to continue to grow and thrive.
The memo was issued before the House Subcommittee’s first hearing on Digital Assets, financial technology, and inclusion on Thursday, March 9th. The hearing is expected to focus on the administration’s “attack on the digital asset ecosystem,” The Republicans hope to use the opportunity to draw attention to the importance of regulatory clarity for the industry.
They are also concerned that the Biden administration’s approach to crypto assets could stifle innovation and push the industry overseas. They believe that clear and effective regulation is necessary to ensure the U.S. remains at the forefront of this emerging market.