Respond to policies related to cryptocurrency, etc. we House of Representatives establishes "sub-committee of digital assets"biden administration publishes roadmap for mitigation of cryptocurrency risks appeared first on our new Bitcoin..
Roadmap to mitigate risks associated with cryptocurrencies. While calling on the executive's efforts, he called on the U.S. Congress to intensify its efforts to develop regulations.
While relying on the efforts of the executive, he called on the United States Congress to redouble its efforts to develop regulations.
However, he warned that the merger of cryptocurrencies with the existing financial system would be a "grave error." We’re ready to work w/ Congress to address regulatory gaps, but it would be a grave mistake to reverse course and deepen ties btw crypto and the financial systemhttps: //t.co/qLBetgMG1e
—Brian Deese (@BrianDeeseNEC) January 27, 2023
We are ready to work with Congress to address regulatory gaps. We are willing to work with Congress to fill the regulatory gaps, but it would be a serious error to change course and deepen the links between cryptography and the financial system https: //t. co/qlbetgmg1e-brian deese (@briandeesenec) Jan. 27, 2023We will continue to reduce the risk associated with cryptocurrencies by protecting investors and holding perpetrators to account.
As we work with Congress to close the regulatory gap, it would be a serious error to go back and deepen the links between cryptocurrencies and the financial system.
The statement co-authored by four White House advisors makes reference to last year's situation where general investors suffered huge losses due to the failures of related companies, like three capital arrows (3 ac), celsius network, and ftx. so that financial stability is maintained, the administration expressed its position to insist on the protection of investors and seek responsibility for malicious enterprises. Consequently, it adopted the global framework for the development of digital assets announced in September.
Consequently, it adopted the global framework for the development of digital assets announced in September.
This initiative was carried out by each department and agency on the basis of a presidential decree entitled "Achievement of responsible development of digital assets" published in March of the same year. The government will also announce its digital asset research and development priorities in the coming months, “so that the technology underpinning cryptocurrencies will help protect consumers by default.”
Requests to Congress
Relevant government agencies are currently developing awareness programs to inform consumers about the risks associated with purchasing cryptocurrencies, the statement says. The government will also announce its research and development priorities on digital assets over the next few months, so that the technology behind cryptocurrencies helps protect consumers by default." Congressional enquiries.
- Expanding Regulatory Powers: Preventing Misuse of Client Assets, Reducing Conflicts of Interest
- Enhanced transparency and disclosure requirements for cryptocurrency companies: Helping investors make risk decisions
- Strengthening Penalties for Financial Fraud and Crime
- Prohibiting Cryptocurrency Brokers from Providing Information to Criminals
- Funding Law Enforcement
- Risk limits to the financial system, including stablecoins
Tougher sanctions for financial fraud and fraud Prevent cryptocurrency brokers from providing intelligence to criminals. Expanding Regulatory Authorities: Preventing the Misuse of Customer Property, reducing conflicts of interestenhanced transparency and disclosure requirements for cryptocurrency companies: helping investors make risk decisionsFollowing are some specific examples.funding law enforcementrisk limits to the financial system, This includes stabilisers as long as it is "welcome" for the Congress to pursue such initiatives, the declaration said, "Congress might make our work more difficult and exacerbate the risks to investors and the financial system." notes.
"traditional financial institutions such as pension funds should not be permitted to jump into the cryptocurrency market negligently," he said. Although such initiatives would be "welcome" by Congress, the declaration said, "Congress could make our work more difficult and increase the risks to investors and the financial system." The reason the turmoil in the cryptocurrency market over the past year has been prevented from spilling over into the wider financial system is that “traditional financial institutions have had limited exposure to cryptocurrencies,” advisers said.
Enacting legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system would be a grave mistake.
Warned:adopting legislation that changes direction and strengthens the links between cryptocurrencies and the entire financial system would be a serious mistake.
This item seems to suggest the role of the "Sub-Committee on Digital Assets, Fintech and Inclusion" announced by the House Finance Committee. The Committee will also play a key role in drafting oversight and strategic decision-making legislation for new asset classes.
Rep Warren Davidson to be Vice President.
Representative Warren Davidson will be the VP. US House of Representatives establishes “Digital Asset Subcommittee”
Biden Administration Releases Roadmap for Cryptocurrency Risk Mitigation appeared first on Our Bitcoin News.