Presidential advisers had expressed some hostility towards cryptos in an annual economic report from the president. Warren Davidson and Mike Flood, who are members of the United States Congress, wrote a letter on the subject. The letter addressed to the chairman of the Council of Economic Advisers (CEA) expresses their disagreement with the presidential advisers.
Presidential advisers risk scaring away crypto firms
As new users decide to invest in crypto out of fear, the industry is coming under fire from some in the US government. In this regard, Davidson and Flood blasted the chapter titled “The Reality of Cryptoassets” in the recent economic report. Indeed, the presidential advisers explained there that the cryptos did not bring any of the benefits that they had promised. For the two members of Congress, the comments of the advisers diminish the role of Congress. Additionally, the advisors’ anti-crypto stance could harm the economy.
“We are working to do our part in Congress to propose a regulatory regime for digital assets that will allow this innovative ecosystem to thrive in the United States while enacting essential protections.», explained the two legislators. “By adopting such a hostile attitude towards the digital asset ecosystem, the administration is only pushing digital asset innovation overseas.“, they added.
Warren Davidson and Mike Flood believe that the CEA’s economic report represents a turnaround. Indeed, he opposes the position recently adopted by the agency in a decree. It’s about “presidential decree on ensuring responsible development of digital assets“.
The opinion of the advisers raises a multitude of questions
Lawmakers Davidson and Flood question the claims of presidential aides. They seek to know how crypto companies could comply with the law in the current context. They brought up the fact that crypto laws are contradictory. “For example, a product is considered both a security and a commodity.“, they explained.
The regulatory framework on cryptos in the United States is not very clear. Meanwhile, the FED is working on developing a CBDC. Moreover, a few weeks ago, she gave an update on the digital dollar, mentioning in particular a bill that would restrict its use: the CBDC Anti-Surveillance State Act.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
