Is the Biden Crypto Framework Bullish or Bearish for Crypto Prices?

President Joe Biden’s administration recently released a regulatory framework for digital assets, but key players in the space don’t think it’s sufficient.

The White House on Friday made public a fact sheet describing the steps being taken to regulate the cryptocurrency industry. Despite previous calls for a unified regulatory framework, stakeholders in the industry have criticized the recently implemented plan, pointing out its many flaws.

According to the White House report, the framework intends to “protect consumers, investors, businesses, financial stability, national security, and the environment.” However, U.S. Representative Patrick McHenry pointed out that the plan is lacking in some key areas.

McHenry claimed that the White House reports are an unacceptable proxy for true “legislative clarity.” He further emphasized that the reports focus on the risks posed by digital assets, rather than acknowledging their critical contribution to fostering American innovation.

In addition to McHenry, the Blockchain Association has also lambasted the Biden administration’s regulatory stance. According to Kristin Smith, executive director of the Blockchain Association, the U.S. has lost the opportunity to cement its position as a global leader in the cryptocurrency industry through this strategy.

Like McHenry, Smith cited that the report ignored the opportunity to shift attention to cryptocurrency risks and skipped the opportunity to provide recommendations to foster innovation in the industry.

Nonetheless, some industry experts expressed satisfaction with the recently published report. Ben Gray, general counsel for fintech firm Paxos Trust Company, praised the U.S. government. Gray noted that he is pleased that the government is working to ensure that the appropriate rules are being enforced by the relevant agencies.

Cryptocurrency advocate U.S. Rep. Jim Himes applauded the Biden administration’s move. Himes said he was pleased with the fact that there is at least one move toward proper cryptocurrency regulation.
The nine reports come six months after President Biden’s executive order was issued. The president’s order, signed in March, has received repeated praise from the industry. These recent reports have fallen short of the expectations of the broader cryptocurrency community.

The U.S. has recently increased its regulation of cryptocurrencies as adoption has seen a significant spike. However, these measures have been met with criticism rather than praise. This is due in large part to the perception among major industry players that these measures could stifle innovation in the sector.

Last week, the White House released a report highlighting the environmental concerns of cryptocurrency mining. In response, Michael Saylor, founder of MicroStrategy and a Bitcoin supremacist, pointed out that the reports are designed to undermine Bitcoin. Saylor said the report is “full of misinformation generated and promulgated by unscrupulous cryptocurrency promoters.”

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