Crypto industry players slammed new digital asset reports from the Biden administration, claiming the new documents 'miss the mark' on regulating the growing industry.
Highly anticipated digital asset reports from the Biden administration “kick the can down the road” on crypto regulation, industry players said on Friday.
The Democratic administration released several reports Friday morning that examine digital assets. The move is part of an effort by the administration to unify the many federal departments and agencies that touch cryptocurrency. But much of the digital asset community Deese referenced panned the effort, saying it fell short of providing a clear path forward on U.S. policy towards digital assets, at least for now. The reaction is unsurprising, given the administration’s call for regulators to “aggressively pursue” enforcement actions within the industry.
Executive Director Kristin Smith called the reports “a missed opportunity to cement U.S. crypto leadership” in a statement, and criticized them as focused too much on the risks of cryptocurrencies. “I’m glad for the momentum,” said Himes. “I didn’t come away with an awful lot in the way of specific recommendations.”Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, knocked the reports for not providing more specific actions.. “With clear rules of the road, this innovative technology can revolutionize our financial markets, modernize our payments system infrastructure, and provide new opportunities to consumers.
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