A bipartisan group of US lawmakers is urging Federal Reserve Bank Chairman Jerome Powell to help the event and adoption of decentralized digital property.
A letter signed by Representatives Tom Emmer, Ro Khanna, Darren Soto, Glenn Thompson, Frank Lucas, Eric Swalwell, and Ted Budd says the shortage of a unified regulatory framework is stifling the expansion and innovation of digital property.
“In the United States, digital assets are subject to overlapping regulation from multiple regulators, including the Federal Reserve Board, Financial Crimes Enforcement Network, the Securities Exchange Commission, the Commodities Futures Trading Commission, and others. The adoption of cryptocurrency has been hobbled by a lack of regulatory clarity addressing such matters as custody, tax policy, accounting practices, and other vital requirements.”
The lawmakers additionally spotlight that the prevailing regulation-by-enforcement strategy is proving to be an impediment to the expansion of the digital asset business within the United States.
“Given this uncertainty, the regulatory atmosphere for digital property has been outlined by enforcement actions, inflicting uncertainty and leaving entrepreneurs reluctant to take a position and innovate within the United States, which has additionally had the detrimental impact of driving excessive-paying know-how jobs and corporations out of our nation.
What steps is the Federal Reserve Board taking to coordinate with different federal regulators on the event of coverage steering for digital property akin to cryptocurrencies, and different important associated coverage points akin to custody and accounting, to make sure America stays a frontrunner in monetary innovation?”
The representatives finish the letter by petitioning Powell to collaborate with different authorities companies to create a regulatory atmosphere that fosters the event of crypto and different digital property.
“Decentralized digital assets and digital asset ecosystems empower individual Americans and unlock great access to opportunities for all – whether that is the opportunity to access better financial services and products or the opportunity to innovate, to form capital, to launch projects, and to create jobs. The Fed’s work with other regulators to support domestic innovation and widespread digital asset adoption is imperative.”
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