Congress is urged by the Biden administration to act quickly in order to establish a clear regulatory framework for cryptocurrency. The adoption of cryptocurrencies is seen in various global nations. Investors are very interested in cryptocurrencies despite the unfriendly policies of several nations.
The US Financial Stability Oversight Council (FSOC), a group of the country’s top financial regulators, which includes the Treasury, encouraged Congress to come to agreements on a number of topics in a report released on Monday. This decision-making process also extends to the regulation of bitcoin and other spot-market traded cryptocurrencies.
This holds true for a number of countries where the government is unsure of its position on cryptocurrencies, but investors manage to obtain them. The Biden administration is requesting prompt congressional regulation of cryptocurrencies in the most recent report.
Cryptocurrency sudden collapse a scare for the Biden administration?
The report is released as Congress looks into the stablecoin market and other tax regulations for cryptocurrency traders. The Biden administration is worried that the Terra-LUNA disaster will happen again. The members of Congress claim that appropriate legislation is still months away.
“Some crypto asset businesses may have affiliates or subsidiaries operating under different regulatory frameworks, and no single regulator may have visibility into the risks across the entire business,” the report states.
The study appears just as cryptocurrency values are beginning to sag. The demise of numerous cryptocurrency businesses followed the protracted bear market. The research also noted the absence of a fundamental regulation to reduce the use of undue leverage.
Additionally, according to FSOC, Congress’s regulations ought to address things like cyber security, segregated consumer assets, and unfair commercial practices.
Additionally, the FSOC report asks Congress to pass legislation that would provide regulators access to the subsidiaries of cryptocurrency platforms and create a legal framework for stablecoin issuers.
The study appears just as cryptocurrency values are beginning to sag. The demise of numerous cryptocurrency businesses followed the protracted bear market. The research also noted the absence of a fundamental regulation to reduce the use of undue leverage.
Additionally, according to FSOC, Congress’s regulations ought to address things like cyber security, segregated consumer assets, and unfair commercial practices.
Additionally, the FSOC report asks Congress to pass legislation that would provide regulators access to the subsidiaries of cryptocurrency platforms and create a legal framework for stablecoin issuers.
