Blockchain Association Criticizes Biden Administration's Crypto Framework

The Blockchain Association on Friday criticized the "comprehensive framework" for cryptocurrency regulations released by the White House, saying it was a "missed opportunity" to cement the US relationship with digital assets.

In a statement, Kristin Smith, executive director of the Blockchain Association, said that while they are intended to be part of a larger government and stakeholder effort to bring better regulation to crypto assets, these reports focus on risks - not opportunities - and omit substantive recommendations on how the United States can promote its burgeoning crypto industry, including the creation of jobs, improving the financial system, and expanding access for all Americans.

Missed Opportunity: Blockchain Association

"Today's reports and summaries of the Biden administration's executive order on digital assets are a missed opportunity to cement US crypto leadership…Crypto is here to stay - we will continue to work with the administration and Congress to advance constructive policies that will encourage innovation and ensure that all Americans can fully experience the benefits of crypto networks,” she said.

After six months of research into the cryptocurrency industry, the White House released the "First-Ever Comprehensive Framework for Responsible Development of Digital Assets" which outlines findings and suggestions from several ministries.< /p>

President Joe Biden signed an executive order and ordered his government to study cryptos in March of last year.

Like the ordinance, the "Overall Framework" does not establish new laws, but it does provide a clearer picture of how crypto regulations in the United States will be handled.< /p>

The new framework claims to reflect "the input and experience of many stakeholders from government, business, academia and civil society" and is based on research from nine studies which have been presented to the President since his order.

Stakeholders have a wide range of concerns and their proposals go beyond the obvious (such as consumer rights, the environment and national security) to solidify the position of the United States as a global leader in cryptography by encouraging private sector innovation and global cooperation.

Bitcoin Maximalists Criticize Crypto Framework

Meanwhile, Bitcoin BTC/USD maximalists Michael Saylor and Dylan LeClair criticized the Biden administration's crypto framework and alleged that environmental concerns were being used as a pretext to "undermine" Bitcoin.

"The latest White House Crypto Climate and Energy Report is full of misinformation generated and promulgated by unscrupulous crypto promoters in order to undermine #Bitcoin and defend their own interests," Saylor tweeted.

The encryption framework is just the beginning

The study on creating a thorough regulatory framework for cryptocurrencies in the United States was one of the first needed after President Biden issued the order in March, but the job is far from done.

The ramifications of launching a digital dollar will be further investigated by the Fed and the Treasury Department.

According to the White House, the Financial Stability Oversight Board will release a report in October on the dangers to financial stability posed by digital assets and corresponding regulatory gaps.

The framework is divided into several sections: "Protect consumers, investors and businesses", "Prom...