Sign Up on MEXCBreaking: White House Issues First Ever Framework For Crypto Regulation
The White House on Friday released the first ever framework over what crypto regulations in the U.S might look like. This big announcement has landed amid the continuous downturn in the global digital asset market.
How crypto regulation would get affected?
As per reports, the guidelines cover way the financial service market should advance in order to make borderless transactions easier. While it also includes working on ending the frauds in the crypto space.
The newly introduced framework is made keeping the executive order issued in March. However, US president Biden called federal agencies to take a look at risks and benefits in the crypto space.
The report mentions that the new orders power the regulators like SEC and CFTC. Meanwhile, no particular watchdog has been given the authority. However, these much awaited directives have grabbed the eyeballs of both crypto and nascent asset class.
It added that the report received encourages the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) to see complaints. This will double the efforts to monitor and act against unfair and abusive practices. This will build strong crypto regulations.
Will SEC win the regulation race?
Brain Deese, US Economic Council Director said that fresh Crypto guidelines will position the nation to lead the governance model. While the Financial Education Commission will guide public awareness. This will help the consumers to know the risks emerging in the digital asset ecosystem.
Earlier, Coingape reported that SEC Chair Gary Gensler at an event hinted that the watchdog might be shifting some powers to CFTC over crypto regulation.
Gensler gave a nod over working with congress in order to strengthen its sister watchdog. Ahead, CFTC might be regualting some cryptos like bitcoin. However, he mentioned that the SEC still needs more authority to control and build Crypto regulations.
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