Experts Evaluate Biden Administration’s Cryptocurrency Reports: Positive or Negative?

in the USA cryptocurrency Industry groups and Republican senators have criticized the Biden administration’s much-anticipated digital asset reports, saying the new documents “miss the mark” on crypto regulations and “take it easy”.

The Biden administration released several reports on Friday morning examining digital assets. This move of the bitcoin and was part of an effort to unify the many federal departments and agencies that touch cryptocurrencies.

“Most of Crypto Community Dissatisfied with Reports”

Economic policy adviser Brian Deese said Friday that the White House is “laying the groundwork for a thoughtful and comprehensive approach to mitigating the serious risks of digital assets and reaping the benefits if proven.”

“We are committed to working with allies, partners and the general digital asset community to shape the future of this ecosystem,” said Deese, Director of the National Economic Council.

However, much of the digital assets community that Deese refers to has criticized the move, saying it falls short of providing a clear path forward in US policy towards digital assets, at least for the time being.

This response is not surprising given the administration’s call for regulators to “aggressively monitor” sanctions actions in the industry.

The Blockchain Association, one of the largest digital asset industry groups, said the new reports lacked “important advice”.

Kristin Smith, the group’s director, called the reports “a missed opportunity to consolidate US cryptocurrency leadership” and criticized it for focusing too much on the risks of cryptocurrencies.

The reports were “outdated and unstable” in the eyes of Sheila Warren, CEO of the Crypto Council for Innovation, criticizing the lack of clear policy recommendations in her own statement.

A company in the industry welcomed the new reports with joy.

“We are pleased that management is guiding federal agencies to better enforce applicable laws,” said Ben Gray, general counsel and chief compliance bidder for Paxos Trust Company, in a statement.

Senior Republicans on the other side weren’t too happy about the situation.

Patrick McHenry, the most senior Republican member of the House Financial Services Committee, criticized the reports for lacking concrete action.

McHenry said in a statement:

“Reports are no substitute for legislative clarity. If the rules are clarified, this innovative technology could revolutionize our financial markets, modernize our payment system infrastructure and open up new opportunities for consumers.”

*Not investment advice.