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Republican Congressmen in the US Demand Answers on Biden Administration’s Crypto Stance

Republican lawmakers in the U.S.

Congress have called on the White House’s Council of Economic Crypto

Advisers to provide an explanation for its stance on various topics, including legislation related to

crypto currencies and central bank digital currencies.

On Monday, Representatives Warren Davidson of Ohio and Mike Flood of Nebraska wrote a letter to the

Chair of the White House’s Council of Economic Advisers,

Cecilia Rouse, asking about the council’s reasoning on issues such as legislation and central bank digital currencies.

Republican lawmakers in the U.S.

The Republican lawmakers specifically inquired about how cryptocurrency firms can adhere to Crypto

“conflicting” laws and regulations and if there is a need for new legislation.

The tweet by Flood on Wednesday criticized the Biden Administration’s response to digital assets,

claiming that it is causing innovators to leave America and move to international competitors, despite

the fact that digital assets are crucial for the future of the country’s digital economy.

The lawmakers are concerned about what they see as a “change in tone” regarding the benefits of digital assets from the Biden Administration, which is the crux of their questions.

Davidson and Flood cited President Biden’s executive order from March 2022, which some crypto advocates applauded calling it a “watershed moment for crypto.”

The order called for protecting consumers, promoting U.S. leadership in the sector and exploring a central bank digital currency. 

when there are conflicting laws, such as when a product is classified as both a security and a commodity.

Davidson and Flood noted a “significant change in tone” in the Economic Report of the President published Crypto

Republican Congressmen in the US Demand Answers on Biden Administration’s Crypto Stance

by the Council of Economic Advisers in March, which they say showed a shift away from recognizing the potential of digital assets to promote economic growth and innovation.

The White House’s Economic Report of the President, which was published in March, contained a dedicated 36-page chapter that criticized the crypto industry.

In the report, the White House described digital assets as “mostly speculative investment vehicles” and highlighted their volatility, stating that “many of them do not have a fundamental value.”

These statements have raised concerns among some lawmakers about the Biden Administration’s stance on digital assets.

Warren and Davidson request clarification from the council on how companies can comply with current laws and regulations

Cecilia Rouse, asking about the council’s reasoning on issues such as legislation and central bank digital currencies.

when there are conflicting laws, such as when a product is classified as both a security and a commodity.

claiming that it is causing innovators to leave America and move to international competitors, despite the fact that digital assets are crucial for the future of the country’s digital economy.

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