The White House Is Trying To Get Congress To Toughen Up On Crypto Laws.
Vice President Joe Biden of the United States’ presidential administration has urged Congress to move forward with cryptocurrency legislation. The industry’s requirement for lucid legislation pertaining to digital assets has prompted the major shift.
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The advent of more stringent crypto laws?
U.S. Treasury and the Financial Stability Oversight Council reportedly pressed politicians to reach a legislative compromise. Included in these are Bitcoin and other cryptocurrency restrictions.
Investors are taking a significant risk, therefore the Biden administration has asked Congress to press the laws. It was brought to Congress after a proposal discussing the $140 billion stablecoin industry was debated there. Regulations for crypto dealers’ taxation are included.
Meanwhile, it appears that adopting crypto-related legislation in Congress will take several more months. The Biden administration, on the other hand, appears concerned about the possibility of a replay of the collapse experienced by Terra’s stablecoin USTC.
The crypto sector was severely damaged by the demise of Terra’s native token LUNA and stablecoin USTC. It did, however, set off a chain of events that ultimately brought the market down. The market value of all digital assets is now less than $1 trillion.
The market’s already been somewhat unstable, and this episode really made things worse. The committee has taken note of the bankruptcy filings of several major digital asset enterprises.
Just who is going to head things up?
The United States’ Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), however, have stepped forward to assert their authority over the developing cryptocurrency industry.
Several crypto businesses and currencies have been sued by the SEC for illegal activities. The SEC chair countered that most cryptocurrencies are in fact securities. On the other hand, the platforms themselves need to be governed by the commission.
There are signs in the report that the chairs of the SEC and CFTC did not intend to support one agency over the other.
Source: Google Trend