A group representing the cryptocurrency industry is asking the U.S. government to set clearer rules for digital money. They believe that having these rules in place would help protect consumers, strengthen the U.S. economy, and keep America at the forefront of technology.
On August 7, the Crypto Market Integrity Coalition (CMIC) wrote a letter to President Joe Biden and Vice President Kamala Harris. They argued that clear guidelines would prevent fraud and help ensure that digital assets, like Bitcoin, are used safely. They also said these rules would support the U.S. dollar and maintain the country’s leadership in tech.
The letter comes at a time when the current U.S. administration is nearing the end of its term, with a presidential election coming up. While Kamala Harris, the Democratic nominee, hasn’t publicly shared her views on cryptocurrency yet, her opponent, Donald Trump, is actively promoting a pro-crypto stance.
The CMIC’s letter referenced President Biden’s 2022 Executive Order on digital assets, which aimed to improve consumer protection and explore the idea of a U.S. central bank digital currency. They pointed out that digital payments are expected to become very common, with 90% of merchants ready for this shift. Currently, 16% of Americans have already used digital assets, and big companies are using blockchain technology to improve their operations.
The letter also noted that other major countries, like those in the EU, UK, Japan, Singapore, UAE, and Hong Kong, are developing or have established clear rules for digital assets. The U.S. is currently behind in this area, which the coalition says has led to confusion and fraud.
The coalition criticized the U.S. for its unclear rules, saying that it has hurt innovation and left consumers at risk. They also mentioned that tough enforcement has led to market manipulation, especially in unregulated overseas markets.
In their letter, they urged the administration to create clear rules instead of just focusing on enforcement, to encourage responsible use of digital assets, especially by international players.
