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Across the political alley, U.S. lawmakers are applauding President Joe Biden’s executive order on digital assets.
Biden on Wednesday unveiled comprehensive guidelines, ordering various parts of the federal government to coordinate their efforts to create guidelines for a fast-growing industry, but refrained from setting specific policy objectives beyond consumer protection, responsible innovation and economic stability.
White House Press Secretary Jane Sackie described the order as a “first-come, first-served” approach to digital assets, noting that it also focuses on climate and national security concerns.
Both Democrats and Republicans have praised the effort.
Sen. Pat Tommy (R-Pa.), A ranking member of the Senate Banking Committee, said he was “excited” to see this area of administration and its growth. “As the White House has said, the United States must maintain its leadership in this space, so lawmakers and regulators must do nothing to harm America’s long-standing tradition of advancing technological innovation,” he said.
Tommy further noted that the order directs departments to report their findings to Congress on certain issues, which “underscores the need for [the legislative branch] to implement a specific regulatory framework for digital assets.”
Chairman of the Banking Committee Sen. Sherrod Brown (D-Ohio), similarly praising the order, said, “We need to strengthen our financial resilience and national security right now.” One is to prevent bad actors from using cryptocurrency to stay out of the law. Such a priority, he said.
“The president needs to take a holistic approach to addressing the cryptocurrency and considering the central bank’s digital currency,” Brown said. I look forward to working with my colleagues in the administration and Congress to protect consumers, to expand financial inclusion. And protect our national security. “
Rip. Maxine Waters (D-Calif.), Chairman of the House Financial Services Committee, called the directive an “important step” in understanding how the digital property sector can shape the financial system and American society. In particular, she praised the central bank’s call for further research into digital currencies, saying that during the Covid-19 epidemic, people turned to crypto as an alternative to the economy.
“As working families across the country seek to recover from the epidemic by turning to financial alternatives such as cryptocurrency, it is imperative that people do not fall victim to fraud, manipulation and abuse,” she said, adding that her committee has already taken a number of measures. Hearing on digital assets.
Rep. Patrick McHenry (R-N.C.), A ranking member of the House Committee, echoed Tommy’s comments on the role of Congress in regulating digital assets. MPs from both the major political parties have started paying attention to these issues, he said, calling for bilateral policies.
“While Congress is considering a regulatory framework for digital assets, we must also fully acknowledge their benefits – as they have played a key role in helping the Ukrainian people – and their basic technology, which is largely missing in this declaration,” McHenry said.
He also backtracked on claims that the crypto could be used to circumvent sanctions by the Russian government or oligarchs.
Sen. Elizabeth Warren (D-Mass.), A member of the Senate Banking Committee, has called on the Treasury Department to clarify how it will prevent the use of crypto as a deterrent. In response to Biden’s executive order, she reiterated her concern and tweeted, “Crypto bell rings.”