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August 8, 2024, 12:00

✅ Crypto Coalition Asks Biden, Harris for Solid US Regulatory Guidelines

➡️ A crypto coalition is rallying behind the need for a clearer regulatory framework in the United States, urging President Joe Biden and Vice President Kamala Harris to take action. They argue that such guidelines would not only protect consumers but also bolster the nation's economy and maintain its technological edge.

🔴 The Crypto Market Integrity Coalition (CMIC), in an Aug. 7 letter, emphasized the importance of consumer protection against malpractices in the crypto space. They believe that well-defined rules would not only safeguard investors but also strengthen the position of the US dollar.

⤵️ With the upcoming presidential election on the horizon, this plea comes at a crucial time. While Democratic nominee Harris has yet to publicly address cryptocurrency, her opponent Donald Trump has been actively supportive of digital assets.

💡 Referencing President Biden's 2022 Executive Order on digital assets, the coalition sees it as a step towards their vision. This order aimed to ensure consumer protection and financial stability while sparking discussions about a potential US central bank digital currency (CBDC).

📌 The coalition highlighted that other major economies are ahead in terms of regulatory clarity, with countries like the EU, UK, Japan, Singapore, UAE, and Hong Kong already establishing frameworks. In contrast, they noted that the US is lagging behind in this regard.

🌐 Citing data that shows increasing adoption of digital currencies by both consumers and businesses, they stressed that a lack of clear rules hampers innovation and exposes users to fraud. They also raised concerns about market manipulation within unregulated offshore crypto markets.

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