PANews reported on August 7 that according to The Block, a group of more than 50 cryptocurrency companies, the Cryptocurrency Market Integrity Coalition (CMIC), called on US President Joe Biden and Vice President Kamala Harris to establish clear rules for the digital asset industry, saying that without these rules, consumers will be harmed and innovation will stop. The alliance was founded by Coinbase, Circle and The Digital Chamber, and its members include Robinhood, BitGo and Chainalysis. In a letter to the White House on Wednesday, the alliance wrote that other jurisdictions, including the European Union, Japan and the United Kingdom, have begun to develop regulatory frameworks.

"Many of the losses of the past few years could have been avoided with basic consumer protections, which is particularly concerning for CMIC members given our public commitment to market integrity and our efforts to develop rigorous industry standards to monitor and eliminate market misconduct," the members said. The letter states that there are no clear rules for how regulators enforce the law on cryptocurrencies, causing compliant U.S. companies to lose customers and market share to entities that do not follow the rules. The alliance also wrote: "We hope to see the U.S. government work with Congress to enact such foundational legislation this year. Missing the legislative opportunity will be a mistake that will be noticed both at home and abroad."