Cryptocurrencies have been the talk of America for a long time. So much so that this situation seems to have kept pace with politics lately. Thus, the discussions are getting longer and longer and various segments continue to be involved in these discussions. First, the White House accused Congress of neglecting the regulation of cryptocurrencies. This topic will continue to be discussed for a long time.
Discussed at the Congress: Why is Regulation Delayed?
Four of Biden’s senior advisors authored a document urging U.S. lawmakers to accelerate efforts to create a regulatory framework for cryptocurrencies. The officials argue that Congress has failed to establish regulation for cryptocurrencies.
In a blog post about White House cryptocurrency policy, four senior advisers to President Biden called on Congress to “accelerate efforts.”
Is The SEC Wasting Time Dealing With Exchanges?
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expected to enact the following legislation: Expanding the powers of federal regulators is followed first by transparency for cryptocurrency companies.
Again, this involves strengthening disclosure requirements in the cryptocurrency world, supporting implementation by increasing funding, strengthening penalties for existing financial regulations and developing those regulations to penalize intermediaries, and passing legislation as described in a recent Treasury Department report.
In the document, Biden’s advisers warn that the newly elected Republican House of Representatives could make matters worse by loosening restrictions at such a critical time.
The Digital Consumer Products Consumer Protection Act (DCCPA), introduced in August, will similarly limit the SEC’s regulatory authority over the cryptocurrency sector.
