The Biden administration’s handling of crypto assets, according to Republicans in the U.S. House of Representatives, poses a threat to the budding industry.
Republicans recognize that the trillion-dollar market for digital assets is prospering in a new memo to the members of the House Committee on Financial Services.
The market capitalisation of all digital assets is currently around $1.06 trillion, with Bitcoin and Ether accounting for almost 60% of the total. Even though it is still in its infancy, the distributed ledger technology that unites the various businesses and operations in the digital asset ecosystem is diverse.
However, the congressmen assert that because of the regulations put forth by the Biden administration during the previous two years, the crypto business in the US is now in danger of being driven abroad.
The Republicans continue by urging lawmakers to provide clear regulatory rules for the crypto industry and coordination between enforcement authorities in order to stop this.
“Much of [the Biden Administration’s] acts could be viewed as exceeding their legal power. Furthermore, the effects of these regulations must not be underestimated. The United States runs the risk of exporting the digital asset ecosystem as a result of the steps taken by this Administration.
Republicans on the committee have long supported more agency cooperation in order to give regulatory certainty in the area of digital assets. They have also pushed to urge federal regulators to support innovation in a deliberate and considered way. Events over the past few months have made it very evident that Congress has to pass legislation to make the ecosystem for digital assets more transparent.
The document was released ahead of Thursday, March 9th’s opening session of the House Subcommittee on Digital Assets, Financial Technology, and Inclusion. The administration’s “assault on the digital asset ecosystem,” according to the memo, will be the topic of debate.