The Crypto Market Integrity Coalition referred to as on Congress to determine a nationwide regulatory framework for digital belongings earlier than the present legislative session ends.
In a letter dated November 14 and seen by crypto.information, CMIC urged Congress to “foster a ‘compliance mindset’” in direction of crypto, emphasizing that delays go away customers unprotected and discourage innovation within the U.S.
The letter’s message to Congress argued that customers stay weak to unhealthy actors with out regulation, and American corporations will lose floor to worldwide rivals who profit from cleaner regulatory environments overseas.
CMIC’s letter factors out that whereas nations just like the EU and Japan have adopted digital asset frameworks, the U.S. lacks readability.
The CMIC is a gaggle of 55 digital asset firms, together with Coinbase, Robinhood, and Circle.
Requires motion on stablecoins and fraud prevention
Considered one of CMIC’s fundamental priorities was making a regulatory framework round cost stablecoins. Stablecoins are cryptocurrencies designed to keep up a secure worth, usually pegged to the U.S. greenback, and had been extensively used for transactions inside the digital financial system.
CMIC argued that formal guidelines on stablecoins might promote the U.S. greenback’s use in international crypto markets, providing each financial and safety advantages. The letter identified that clearer stablecoin rules might assist cut back fraud dangers whereas enabling American customers and companies to make use of secure digital belongings extra confidently.
The coalition additionally highlighted that the earlier “regulation by enforcement” method — the place companies took motion solely after hurt had occurred — created an unstable surroundings.
This reactive method led to gaps the place unregulated crypto corporations operated freely, probably exposing U.S. customers to fraud or monetary losses, the letter argued.
“The lack of Congressional action has left the U.S. relying solely on regulation by enforcement. This has sent a powerful signal to market manipulators and offshore, unregulated crypto firms that successful perpetration of fraud and market misconduct is only a matter of staying one step ahead of U.S. law enforcement.”
Crypto Market Integrity Coalition
A push for instant legislative motion
CMIC’s letter urged members to adapt to the present bipartisan digital asset proposals in Congress and distribute regulatory duties amongst completely different governmental companies, supporting safety and compliance inside the crypto trade.
“Americans are waiting…we encourage you to heed the call of millions of Americans to act now. Missing the opportunity to legislate would be a mistake that will be noticed at home and abroad. CMIC and its members stand ready to serve as a resource on behalf of regulated and responsible American industry.”
Crypto Market Integrity Coalition
