Crypto Coalition has now swung into action, pushing a directive that the Biden administration set proper guidelines for crypto. In the letter dated August 7 and signed by the Crypto Market Integrity Coalition (CMIC), the organization called for the establishment of clear rules of the market to safeguard American consumers and entrench the country’s technology dominance.
Clear Rules of the Road
Thus, the letter of the Crypto Coalition to the administration highlights the need for systematic regulation. “In light of digital assets that employ open, public blockchains, there is a significant prospect to ‘lock in’ American norms and values into the worldwide banking system,” the letter elaborated from CMIC. They postulate that clear rules on the market would prevent fraud, money laundering, and other manipulations together with promoting the US dollar and increasing the country’s security.
Many representatives of the CMIC supported the regulators’ demands, including Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko, and Matrixport. Such firms think that these principles would strengthen and promote financial inclusion as well as democratic values in the digital platform.
Economic and National Security Benefits
Based on the data from CoinGecko, US-dollar backed stablecoins make up 99. Stablecoins as a market is currently at $164 billion, and this paper argues that the current market share for algorithmic stablecoins is at 5%. This dominance CMIC says requires the US to promote its democratic values and the rule of law in the digital economy.
In addition, the crypto coalition described the importance of certainty for the economy and national security, where the regulation would play an important role. The letter from CMIC went on to state that, ‘Clear rules will increase innovation, help consumers, and advance the worldwide competitiveness of the US. ’ This view is based on two laws, which are considered pioneers in supplying detailed legal regulation of digital assets: the Financial Innovation and Technology for the 21st Century Act and the Digital Commodities Act.
Industry Leaders’ Perspective
However, the crypto coalition accepted the fact stated by the US securities regulator of incorporating a strict enforcement approach, thanks to which cases of market manipulation, money laundering, and fraud have declined. But, as the industry’s born-lead organizations have implied, this enforcement is insufficient without a concrete set of rules.
The Digital Chamber, another influential crypto supporters last also followed the same measures to insist on the need to have Bitcoins as the tool that can enhance the balance of payments position and stabilise the country’s economy amidst the volatile global economic environment. They singled out the bill submitted by Wyoming’s Senator Cynthia Lummis on making the Treasury establish Bitcoin storage or Bitcoin Bitcoin vaults and buy at least one million Bitcoin within five years. This proposal as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of the 2024 or else the Bitcoin Act of the 2024.
Final Take on Crypto Coalition
Crypto Coalition’s letter to president Biden and vice president Harris shows how important is to have a clear and definite regulatory approach to digital assets. Thus, the administration can save consumers, preserve the dominance of the US dollar, and protect the technological advantages of the United States by establishing clear rules of the road. It is clear from the testimonials of industry leaders coupled with the legislative attempts at regulating the Internet, that there is a ballooning sentiment towards the positive role regulation will play in strengthening business and national security.
While the digital asset market stays active, the role of standard operating procedures and recognitions will be essential in making the United States as a world’s capital of the digital economy. Keep following Turkishnyradio for latest crypto and updates.
