Republicans in the U.S. House of Representatives are criticizing the White House, saying the Biden administration’s approach to crypto assets threatens the nascent industry.
In a new memo addressed to the members of the House Committee on Financial Services, Republicans acknowledge that digital assets are a thriving trillion-dollar market.
“Today, the total digital asset market capitalization stands at approximately $1.06 trillion, with Bitcoin and Ether making up approximately 60 percent of the market. The digital asset ecosystem, while nascent, contains a diverse array of businesses and operations united in their common use of distributed ledger technology.”
However, the lawmakers say that the crypto industry in the US is now at risk of being pushed overseas due to the rules proposed by the Biden administration over the last two years.
The Republicans go on to urge cooperation between enforcement agencies and for lawmakers to come up with clear regulatory guidelines for the crypto industry to thwart this.
“Many of the actions [of the Biden Administration] can be considered an overreach of jurisdictional authority. In addition, the consequences of these policies cannot be understated. Because of actions taken by this Administration, the United States is at risk of pushing the digital asset ecosystem overseas.
Committee Republicans have long advocated for increased collaboration across agencies to provide regulatory certainty in the digital asset space and have worked to encourage federal regulators to nurture innovation in a thoughtful and deliberative manner. Over the last several months, events have made clear that Congress must enact legislation in order to bring clarity to the digital asset ecosystem.”
The memo was issued ahead of the first hearing of the House Subcommittee on Digital Assets, financial technology and inclusion on Thursday, March 9th. The memo says the discussion will be about the administration’s “attack on the digital asset ecosystem”
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