US calls to speed up implementation of rules for regulating the crypto market
Delay carries risks for investors, officials from the presidential administration said
![US calls to speed up implementation of rules for regulating the crypto market](https://storage.getblock.net/source/1/_mFfBqS3XvxDkzqEPJm9GpmsRKKwi84r.webp)
04.10.2022 - 06:45
183
2 min
0
What’s new? US President Joe Biden’s administration has urged Congress to pass laws clarifying rules for regulating cryptocurrencies. According to officials, delays in enacting the rules could expose investors to risks, the Financial Times reports.
News on the Financial Times website
What other proposals have been put forward? The US Financial Stability Oversight Council (FSOC) has released a report urging policymakers to come to an agreement on the regulation of bitcoin and other crypto assets traded on the spot market. The report comes amid discussions in Congress regarding the implementation of tax rules for crypto brokers in the stablecoin industry.
The report warns that many crypto asset transactions lack basic controls to protect against the risks associated with over-leveraging. In addition, crypto asset prices are often determined by speculation rather than current fundamental economic needs.
The FSOC suggested strengthening inter-agency cooperation to close existing loopholes that allow crypto companies to find lucrative regulatory frameworks to regulate business. In this regard, the Council believes that Congress should pass rules that would allow federal market regulators the right to set laws on crypto-asset markets that are not subject to current US securities laws. The FSOC also called on Congress to create a federal framework to regulate stablecoin issuers.
Earlier, Brian Quintenz, the former US Commodity Futures Trading Commission (CFTC) commissioner, said that the Securities and Exchange Commission’s (SEC) approach to regulating the crypto market is a threat to the continued growth of the industry. According to Quintenz, the SEC should not expect rules that promote the disclosure of the full potential of innovation.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024