The government has already been seeing crypto as a threat for a long time. The finance organizations are obviously panicking to get hold of control using SEC. They would have come up with a regulatory framework before more altcoins are created but they didn't.
The delay may actually be done on purpose.
They will soon enact this regulatory framework for crypto. It's just a matter of time. But before doing it, they may actually want to hold more BTC just as how politicians make money through insider trading. Before they will enact and amend laws, they make sure they benefit and make money. The Pelosi Act wouldn't come up if it weren't for these schemes they do.
Topic: White House Blames Congress for Failure to Enact Crypto Regulations (Read 54 times)
January 31, 2023, 12:02:43 PM
January 31, 2023, 11:33:42 AM
Honestly, this isn't really something that is "urgent". We have some understanding in place anyway, and I believe that Americans are doing pretty nice with that. I am not American myself so I can't speak 100% clearly about the subject, but between millions of dollars they have invested, even the richest people promoting it, and then some big companies in crypto world end up in nasdaq?
I would say that's pretty much nails in the head, and definitely doing alright. If they did that with absolutely no regulation or framework, then maybe they should make the framework as exactly what it is today and turn it into a law. Do not offer any more hardship or problems for anyone on top of the current situation if you want growth.
I would say that's pretty much nails in the head, and definitely doing alright. If they did that with absolutely no regulation or framework, then maybe they should make the framework as exactly what it is today and turn it into a law. Do not offer any more hardship or problems for anyone on top of the current situation if you want growth.
January 31, 2023, 05:39:33 AM
States, of course, will eventually increase the regulation of the circulation of cryptocurrencies in society. After all, financial relations cannot continue to remain in the gray zone. While the capitalization of the cryptocurrency market was relatively small, the states could not notice the movement of the cryptocurrency. But over time, the situation is changing. The role and importance of cryptocurrency is growing, the damage caused to citizens as a result of abuse and various frauds is increasing. The collapse of the FTX cryptocurrency exchange and the UST stablecoin alone, as the OP pointed out, caused $72 billion in damage to cryptocurrency holders. The only question is what kind of regulation this will be for cryptocurrency market participants.
Most of the country and now the USA they try to somehow regulate bitcoin and cryptocurrencies ad by doing this actually try to keep people under control also they want to take more control over the financial system while saying that's just because of avoiding any criminal actions and money laundry on cryptocurrencies. I don't think the regulation of bitcoin cryptocurrencies and bitcoin is that easy for any government if they want to avoid fraud and bad things happening in this environment like FTX and similar cases.
January 30, 2023, 01:42:17 PM
well. is the house currently republicans? then yes its their fault. ..
doesn't matter what it is.
doesn't matter what it is.
January 30, 2023, 09:39:26 AM
States, of course, will eventually increase the regulation of the circulation of cryptocurrencies in society. After all, financial relations cannot continue to remain in the gray zone. While the capitalization of the cryptocurrency market was relatively small, the states could not notice the movement of the cryptocurrency. But over time, the situation is changing. The role and importance of cryptocurrency is growing, the damage caused to citizens as a result of abuse and various frauds is increasing. The collapse of the FTX cryptocurrency exchange and the UST stablecoin alone, as the OP pointed out, caused $72 billion in damage to cryptocurrency holders. The only question is what kind of regulation this will be for cryptocurrency market participants.
January 30, 2023, 09:05:20 AM
Quote
Four senior Biden officials penned a note Friday urging lawmakers to hasten their efforts to create a regulatory framework for crypto.
The White House pointed the finger at Congress Friday for stalling on a comprehensive, national crypto regulatory framework, outlining numerous actions lawmakers could take to reign-in fraud and bad actors in the crypto sector.
Congress “needs to step up its efforts,” four of President Biden’s senior advisors wrote in a White House blog post on crypto policy published Friday morning.
The post goes on to highlight a number of moves Congress could make immediately to purportedly enhance consumer protection standards in the crypto space.
Those moves include expanding the powers of federal regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); strengthening transparency and disclosure requirements for crypto companies; aiding law enforcement by increasing funding, strengthening penalties for existing finance rules, and enhancing those rules to penalize intermediaries; and passing legislation to regulate stablecoins, as outlined in a recent Treasury Department report.
Stablecoins are cryptocurrencies whose values are tied to sturdy assets like gold and the U.S. dollar; this relationship is meant to keep the values of stablecoins relatively constant, even in periods of crypto market volatility. That theory has been repeatedly tested, however, most notably last May when so-called algorithmic stablecoin UST de-pegged from the U.S. dollar and subsequently collapsed, leading to a chain of events that wiped out some $40 billion in value. UST was not actually backed by a reserve of dollars, but instead an algorithm designed to keep its value consistent. That algorithm failed, and it's at least partly responsible for kicking off the current crypto winter.
Biden’s advisors went on to caution in Friday’s note that the recently sworn-in Republican House of Representatives could also make matters worse by loosening regulations at such a crossroads.
“Congress could also make our jobs harder and worsen risks to investors and to the financial system,” the advisors wrote. “It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system.”
The warning appears to be an allusion to the new Subcommittee on Digital Assets, Financial Technology and Inclusion recently announced by House Republican leadership. The committee’s chair, Representative French Hill (R-AR), has stated he aims to “promote responsible innovation” in the cryptocurrency and FinTech sectors.
While the White House was quick to put blame for crypto-related inaction on Republicans, President Biden hasn’t exactly made it a priority either in the two-year period from early 2021 to just weeks ago, in which Democrats controlled the presidency, the House, and the Senate. During that period, several controversies rocked the crypto industry, including the collapse of UST last May, and the implosion of $32 billion crypto exchange FTX in November.
Multiple cryptocurrency bills are currently floating around Washington, though none have yet been voted on. The Stablecoin TRUST Act, which would establish a federal regulatory framework for “payment stablecoins,” was introduced in the Senate in December. The Lummis-Gillibrand Responsible Financial Innovation Act—which would give crypto regulatory power to the CFTC—has been kicking around the Senate since last June.
The Digital Commodities Consumer Protection Act (DCCPA), introduced in August, would have similarly limited the SEC’s ability to regulate the crypto industry. Seen as a boon for crypto exchanges, the bill was a pet political project of disgraced FTX founder Sam Bankman-Fried, who spent tens of millions of dollars on political donations and ample time in Washington in the months surrounding the bill’s announcement. Bankman-Fried donated $5 million to an organization that funded a blitz of pro-Biden ads in the run-up to the 2020 presidential election; the White House has repeatedly declined to comment on the matter.
While the DCCPA did gain bipartisan momentum among lawmakers in the fall, the bill’s association with Bankman-Fried—who is currently awaiting trial for eight criminal charges, including fraud and conspiracy to commit money laundering—has potentially derailed its path to adoption.
https://decrypt.co/120153/white-house-congress-crypto-regulations
The White House pointed the finger at Congress Friday for stalling on a comprehensive, national crypto regulatory framework, outlining numerous actions lawmakers could take to reign-in fraud and bad actors in the crypto sector.
Congress “needs to step up its efforts,” four of President Biden’s senior advisors wrote in a White House blog post on crypto policy published Friday morning.
The post goes on to highlight a number of moves Congress could make immediately to purportedly enhance consumer protection standards in the crypto space.
Those moves include expanding the powers of federal regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); strengthening transparency and disclosure requirements for crypto companies; aiding law enforcement by increasing funding, strengthening penalties for existing finance rules, and enhancing those rules to penalize intermediaries; and passing legislation to regulate stablecoins, as outlined in a recent Treasury Department report.
Stablecoins are cryptocurrencies whose values are tied to sturdy assets like gold and the U.S. dollar; this relationship is meant to keep the values of stablecoins relatively constant, even in periods of crypto market volatility. That theory has been repeatedly tested, however, most notably last May when so-called algorithmic stablecoin UST de-pegged from the U.S. dollar and subsequently collapsed, leading to a chain of events that wiped out some $40 billion in value. UST was not actually backed by a reserve of dollars, but instead an algorithm designed to keep its value consistent. That algorithm failed, and it's at least partly responsible for kicking off the current crypto winter.
Biden’s advisors went on to caution in Friday’s note that the recently sworn-in Republican House of Representatives could also make matters worse by loosening regulations at such a crossroads.
“Congress could also make our jobs harder and worsen risks to investors and to the financial system,” the advisors wrote. “It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system.”
The warning appears to be an allusion to the new Subcommittee on Digital Assets, Financial Technology and Inclusion recently announced by House Republican leadership. The committee’s chair, Representative French Hill (R-AR), has stated he aims to “promote responsible innovation” in the cryptocurrency and FinTech sectors.
While the White House was quick to put blame for crypto-related inaction on Republicans, President Biden hasn’t exactly made it a priority either in the two-year period from early 2021 to just weeks ago, in which Democrats controlled the presidency, the House, and the Senate. During that period, several controversies rocked the crypto industry, including the collapse of UST last May, and the implosion of $32 billion crypto exchange FTX in November.
Multiple cryptocurrency bills are currently floating around Washington, though none have yet been voted on. The Stablecoin TRUST Act, which would establish a federal regulatory framework for “payment stablecoins,” was introduced in the Senate in December. The Lummis-Gillibrand Responsible Financial Innovation Act—which would give crypto regulatory power to the CFTC—has been kicking around the Senate since last June.
The Digital Commodities Consumer Protection Act (DCCPA), introduced in August, would have similarly limited the SEC’s ability to regulate the crypto industry. Seen as a boon for crypto exchanges, the bill was a pet political project of disgraced FTX founder Sam Bankman-Fried, who spent tens of millions of dollars on political donations and ample time in Washington in the months surrounding the bill’s announcement. Bankman-Fried donated $5 million to an organization that funded a blitz of pro-Biden ads in the run-up to the 2020 presidential election; the White House has repeatedly declined to comment on the matter.
While the DCCPA did gain bipartisan momentum among lawmakers in the fall, the bill’s association with Bankman-Fried—who is currently awaiting trial for eight criminal charges, including fraud and conspiracy to commit money laundering—has potentially derailed its path to adoption.
https://decrypt.co/120153/white-house-congress-crypto-regulations
....
Proposals for US crypto regulation were vague prior to the 2022 election season. Now that the elections are over, it appears we have more clarity on the topic:
Quote
The post goes on to highlight a number of moves Congress could make immediately to purportedly enhance consumer protection standards in the crypto space.
Those moves include expanding the powers of federal regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); strengthening transparency and disclosure requirements for crypto companies; aiding law enforcement by increasing funding, strengthening penalties for existing finance rules, and enhancing those rules to penalize intermediaries; and passing legislation to regulate stablecoins, as outlined in a recent Treasury Department report.
Those moves include expanding the powers of federal regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); strengthening transparency and disclosure requirements for crypto companies; aiding law enforcement by increasing funding, strengthening penalties for existing finance rules, and enhancing those rules to penalize intermediaries; and passing legislation to regulate stablecoins, as outlined in a recent Treasury Department report.
I'm not certain whether proposals for greater US crypto regulation will be enacted. It is known generation Z and the youth demographic are the largest userbase of cryptocurrencies in the USA. While precious metals markets of gold, silver and platinum are generally supported by older generations. The age divide of assets is very sharply defined in terms of age demographic.
There is a chance that crypto regulations will never be passed to appease (or avoid alienating) the youth demographic. Upon which a fierce battle has been waging for some time. With both the political right and political left claiming generation Z. The right claims generation Z is the most conservative generation in decades. While the left claims generation Z is the most politically left demographic. Its a bizarre scene to say the least. Without much clarity or reliable information being available.
Realistically speaking, if they ever crackdown in earnest on crypto. The majority of people they will be attacking will be the youth and generation Z demographic. Who we know are the largest age bracket of crypto users. There is a big question mark in my mind as to what the implications of such a move could be over the long term.
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