US House Republicans are blasting the Biden administration’s attack on the crypto ecosystem
Republicans in the US House of Representatives are criticizing the White House, saying the Biden administration’s approach to crypto assets threatens the nascent industry.
In a new memo addressed to members of the House Committee on Financial Services, Republicans acknowledge that digital assets are a booming trillion-dollar market.
“Today, the total market value of digital assets is approximately $1.06 trillion, with Bitcoin and Ether making up approximately 60 percent of the market. Although the digital asset ecosystem is nascent, it contains a diverse range of businesses and operations united in their shared use of distributed ledger technology.”
However, lawmakers say the crypto industry in the United States is now at risk of being pushed overseas due to the rules proposed by the Biden administration over the past two years.
Republicans continue to call for cooperation between enforcement agencies and for lawmakers to come up with clear regulatory guidelines for the crypto industry to prevent this.
“Many of the acts [of the Biden Administration] may be considered an excess of jurisdictional authority. In addition, the consequences of these guidelines cannot be underestimated. Because of actions taken by this administration, the United States is at risk of pushing the digital asset ecosystem overseas.
Committee Republicans have long advocated for increased interagency cooperation to provide regulatory certainty in the digital asset space, and have worked to encourage federal regulators to foster innovation in a thoughtful and deliberative manner. Over the past few months, events have made it clear that Congress must pass legislation to bring clarity to the digital asset ecosystem.”
The memo was issued ahead of the first hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion on Thursday, March 9. The memo says the discussion will be about the administration’s “attack on the digital asset ecosystem”
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