The crypto coalition has urged the U.S. Congress to establish a national regulatory framework for digital assets before the current session ends.
Call for Digital Asset Regulation
In a letter dated November 14, the Crypto Market Integrity Coalition (CMIC) emphasized the need for Congress to 'foster a compliance mindset' towards crypto. Delays in regulation, according to the coalition, leave consumers unprotected and undermine innovation in the U.S. Without regulation, consumers remain vulnerable to malpractices, while American firms fall behind international competitors. Meanwhile, countries like the EU and Japan have already adopted necessary frameworks.
Stablecoin Concerns and Fraud Prevention
One of CMIC's main priorities is the creation of a regulatory framework for payment stablecoins, which are cryptocurrencies pegged to the U.S. dollar. The coalition argues that clear stablecoin rules could strengthen the dollar's position in global crypto markets, reduce fraud risks, and enable confident use of such assets by Americans. Rather than a 'regulation by enforcement' approach, CMIC suggests establishing a more stable regulatory environment.
Need for Immediate Legislative Action
In its letter, CMIC encourages legislators to adopt the current bipartisan digital asset proposals and distribute responsibilities among various government agencies, enhancing security and compliance within the crypto industry.
The coalition has expressed readiness to offer support and resources for initiatives aimed at a regulated and responsible American crypto industry.
