A crypto coalition has added to calls for the current United States administration to implement a clearer digital asset regulatory framework, arguing it would result in “enormous economic and national security benefits” for the country.
In an Aug. 7 letter to President Joe Biden and Vice President Kamala Harris, the Crypto Market Integrity Coalition — a group of crypto firms — said outlining “clear rules of the road” would better protect US consumers from bad actors, promote the US dollar and secure America’s technological edge.
“Digital assets utilizing open, public blockchains present an important opportunity to further cement American values and norms into the global financial system,” CMIC added.
This is particularly important for US-dollar backed stablecoins, which account for more than 97.5% of the total $164 billion stablecoin market, CoinGecko data shows.
This “behooves” the US to reinforce its democratic principles, financial inclusion, and respect for rule of law in the digital economy, CMIC said.
CMIC members in support of the letter include Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko and Matrixport.
The coalition acknowledged the US securities regulator’s strict enforcement approach has stamped out some market manipulation, money laundering and fraud.
Some of this responsibility has also been shouldered by industry leaders — however, it still isn’t enough without a clear regulatory framework, the coalition said.
CMIC highlighted the Financial Innovation and Technology for the 21st Century Act and the Digital Commodities Act as two of the leading bills that can provide a clear regulatory framework for US firms to follow.
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Meanwhile, The Digital Chamber, another crypto advocate, recently said it would hand-deliver a letter to every US senator explaining how Bitcoin can strengthen the nation’s balance sheet and secure its position as a “global leader” and provide more stability in the face of “global economic uncertainties.”
It summed up a bill introduced by Wyoming Senator Cynthia Lummis, who wants to see the Treasury set up Bitcoin vaults and buy at least 1 million Bitcoin over five years pursuant to the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (or Bitcoin Act of 2024).
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