Lack of regulation on crypto: The White House is getting impatient!

The United States has established several crypto industry bills in the past couple of years. But, so far, none of these projects has been voted on. For example, there is the Stablecoin TRUST Act, which was introduced in the Senate in December. The project aims to put in place a federal regulatory framework for “payment stablecoins“. Another project is that of the Lummis-Gillibrand law which concerns responsible financial innovation. Since June 2022, the Senate has been discussing this law. Now the White House is accusing Congress of not doing the right thing to get things done.

White House urges lawmakers to step up

Crypto bills abound in Washington. For the White House, Congress must accelerate talks to quickly pass a comprehensive crypto regulatory framework. He “must intensify its effortssaid four senior Biden government officials in an article recent. The four advisers of the American president stressed that the legislators could already put in place many actions. They then cited steps to take immediately to combat bad actors and fraud in the cryptosphere.

The advisers (Brian Deese, Arati Prabhakar, Cecilia Rouse and Jake Sullivan) propose expanding the powers of federal regulators. They made particular reference to the SEC and the CFTC. They also proposed that Congress strengthen transparency and disclosure requirements for crypto businesses. Advisors say more funding is needed to further protect crypto investors. Adequate funding should speed up crypto law enforcement.

For the White House, Congress is responsible for the situation

According to the four advisers, strengthen sanctions on financial rules existing ones will encourage increased funding. The latter could also be obtained with an improvement of financial rules in order to penalize intermediaries. Additionally, senior officials are pushing for legislation to regulate stablecoins.

President Biden’s advisers warn lawmakers against possible relaxation of crypto regulations. They fear that the Republican House of Representatives, which was recently sworn in, will pass such a measure. “Congress could also make our job more difficult and increase the risks to investors and the financial system.“, they explained.

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