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The Blockchain Association on Friday slammed the “Comprehensive Framework<\/a>” for regulation of cryptocurrencies published by the White House, stating that it was a \u201cmissed opportunity\u201d to cement the United States’ relationship with digital assets.<\/p>\n In a statement<\/a>, Kristin Smith<\/strong>, Executive Director of Blockchain Association stated that while intended to be part of a broader government and stakeholder effort to bring better regulation to crypto assets, these reports focus on risks \u2013 not opportunities \u2013 and omit substantive recommendations on how the United States can promote its burgeoning crypto industry, including job creation, improvements to the financial system, and expanded access for all Americans.<\/p>\n \u201cToday\u2019s reports and summaries from the Biden administration\u2019s executive order on digital assets are a missed opportunity to cement U.S. crypto leadership\u2026 Crypto is here for good \u2013 we will continue to work with the administration and Congress to advance constructive policies that will encourage innovation and ensure that all Americans can enjoy the full benefits of crypto networks,\u201d she stated.<\/p>\n After six months of research into the cryptocurrency <\/a>industry, the White House published the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” which outlines the findings and suggestions of multiple government departments.<\/p>\n President Joe Biden<\/strong> signed an executive order and directed his government to study cryptos in March of last year.<\/p>\n Like the order, the “Comprehensive Framework” does not establish any new laws, but it does give a clearer picture of how crypto regulations in the U.S. will be handled.<\/p>\n The new framework claims to reflect “the input and experience of numerous stakeholders across government, business, academia, and civil society” and is based on research from nine studies that have been presented to the president since his order.<\/p>\n The stakeholders have a wide range of concerns, and their proposals go beyond the obvious (such as consumer rights, the environment, and national security) to solidify the U.S.’s position as a worldwide leader in crypto by fostering private-sector innovation and global cooperation.<\/p>\n Meanwhile, Bitcoin <\/strong>BTC\/USD<\/span> maximalists Michael Saylor<\/strong> and Dylan LeClair <\/strong>criticized <\/a>the Biden administration\u2019s crypto framework and alleged that environmental concerns are being used as a pretext to \u201cundermine\u201d Bitcoin.<\/p>\n \u201cThe latest White House Crypto Climate & Energy Report is full of misinformation generated and promulgated by unscrupulous crypto promoters in order to undermine #Bitcoin and champion their own interests,\u201d Saylor said on Twitter.<\/a><\/p>\n The study on creating a thorough regulatory framework for cryptocurrencies in the U.S. was among the first needed after President Biden issued the order in March, but the job is far from over.<\/p>\n The ramifications of launching a digital dollar will be further studied by the Fed and Treasury Department.<\/p>\n According to the White House, the Financial Stability Oversight Council will release a report in October on the dangers to financial stability posed by digital assets and the corresponding regulatory holes.<\/p>\n The framework is divided into the following sections: “Protecting Consumers, Investors, and Businesses,” “Promoting Access to Safe, Affordable Financial Services,” “Fostering Financial Stability,” “Advancing Responsible Innovation,” “Reinforcing Our Global Financial Leadership and Competitiveness,” “Fighting Illicit Finance,” and “Exploring a U.S. Central Bank Digital Currency (CBDC).”<\/p>\n Are you ready for the next crypto bull run? Be prepared before it happens! Hear from industry thought leaders like Kevin O\u2019Leary and Anthony Scaramucci at the\u00a0<\/em>2022 Benzinga Crypto Conference<\/a><\/em>\u00a0on Dec. 7 in New York City.<\/em><\/p>\n Photo: Created with an image from\u00a0jlherv\u00e0s<\/a>\u00a0on Flickr.<\/em><\/p>\n<\/div>\nMissed opportunity: Blockchain Association<\/h3>\n
Bitcoin maximalists criticize the crypto framework<\/h3>\n
Crypto framework is just the beginning<\/h3>\n