US Treasury Department has called for action to regulate cryptocurrencies before the next crisis hits
However, the department noted that there are a number of promising options for the use of cryptocurrencies
19.01.2024 - 11:19
231
1 min
0
What’s new? US Treasury Assistant Secretary for Financial Institutions Graham Steele believes that lawmakers should develop regulatory standards for cryptocurrencies before the next crisis. He noted that after every financial crisis, new regulations such as the Dodd-Frank Act and the National Bank Act are passed. In the case of digital assets, policymakers have the opportunity to act before a critical situation occurs, Steele added.
What else is known? According to Steele, “it is critical that any legislative proposals don’t undermine the already robust regulatory foundations that apply to financial institutions and capital markets.” He noted, however, that the United States “generally has strong investor and consumer protection laws that address many of the risks posed by crypto assets.”
Steele stressed that “existing laws and regulations apply, they have to be vigorously enforced so that crypto assets and services — and the consumers who use them — are subject to the same protections and principles as other financial products and services.”
However, the Treasury Department’s spokesperson noted that there are a number of promising uses for cryptocurrencies, which include cross-border payments, faster and cheaper settlements, and blockchain.
Steele also expressed his opinion on the Dogecoin (DOGE) meme token, calling such assets speculative. According to him, trading such cryptocurrencies is not so interesting anymore.
Earlier, the EU authorities agreed to tighten control over crypto transactions worth €1000 and above.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024