According to a US Treasury Department official, lawmakers need to take action immediately to regulate cryptocurrencies.
Graham Steele, Deputy Undersecretary of the Treasury Department for Financial Institutions, stated that new laws are prepared after each financial crisis and that lawmakers Possibilities to prevent the next cryptocurrency crisis said that.
Steele, “Politicians have an opportunity to prevent a crisis by setting high standards for crypto assets that support responsible innovation. However, it is critical that the proposals to be made regarding the legislation do not undermine the solid legal foundations that currently apply to financial institutions and capital markets.” said.
Regarding various sectors, including the cryptocurrency sector, in line with the instructions of the Joe Biden administration in 2022 consumer protection, financial stability, climate and national security It was decided to prepare reports covering the issues.
Steele, “Our report noted that the United States generally has strong laws to protect investors and consumers against the risks posed by crypto assets.” said.
According to the ministry official, existing laws are valid as long as they are valid for the cryptocurrency industry. for the protection of consumers It needs to be strictly enforced.
In the report they prepared about cryptocurrencies, in international payments can be used and reduce transaction costs and increase speed Steele said, “At least in our own report, we said that these areas are the most promising. So it’s not actually that much about the crypto assets themselves.” said.