bitcoin
Bitcoin (BTC) $ 17,018.66 1.65%
ethereum
Ethereum (ETH) $ 1,259.57 2.65%
tether
Tether (USDT) $ 1.00 0.02%
bnb
BNB (BNB) $ 288.56 2.24%
usd-coin
USD Coin (USDC) $ 0.999932 0.20%
binance-usd
Binance USD (BUSD) $ 1.00 0.20%
xrp
XRP (XRP) $ 0.386609 2.17%
dogecoin
Dogecoin (DOGE) $ 0.101111 4.80%
cardano
Cardano (ADA) $ 0.317692 2.80%
matic-network
Polygon (MATIC) $ 0.912426 2.31%
polkadot
Polkadot (DOT) $ 5.49 2.61%
staked-ether
Lido Staked Ether (STETH) $ 1,243.61 2.73%
litecoin
Litecoin (LTC) $ 79.40 5.16%
shiba-inu
Shiba Inu (SHIB) $ 0.000009 3.30%
okb
OKB (OKB) $ 21.27 2.47%
dai
Dai (DAI) $ 1.00 0.06%
solana
Solana (SOL) $ 14.09 0.67%
tron
TRON (TRX) $ 0.052914 1.64%
uniswap
Uniswap (UNI) $ 6.16 3.10%
avalanche-2
Avalanche (AVAX) $ 13.61 2.92%
leo-token
LEO Token (LEO) $ 3.89 0.60%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,010.98 1.46%
chainlink
Chainlink (LINK) $ 7.25 3.46%
cosmos
Cosmos Hub (ATOM) $ 10.17 2.46%
ethereum-classic
Ethereum Classic (ETC) $ 19.44 2.93%
the-open-network
The Open Network (TON) $ 1.82 0.27%
monero
Monero (XMR) $ 144.47 0.30%
stellar
Stellar (XLM) $ 0.086068 2.80%
bitcoin-cash
Bitcoin Cash (BCH) $ 111.52 3.33%
quant-network
Quant (QNT) $ 124.69 3.61%
crypto-com-chain
Cronos (CRO) $ 0.066354 7.52%
algorand
Algorand (ALGO) $ 0.235038 3.65%
filecoin
Filecoin (FIL) $ 4.53 0.88%
apecoin
ApeCoin (APE) $ 4.06 1.49%
near
NEAR Protocol (NEAR) $ 1.76 0.37%
vechain
VeChain (VET) $ 0.019173 1.49%
hedera-hashgraph
Hedera (HBAR) $ 0.048734 0.87%
internet-computer
Internet Computer (ICP) $ 4.40 2.31%
flow
Flow (FLOW) $ 1.11 3.35%
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.86 0.70%
axie-infinity
Axie Infinity (AXS) $ 9.24 7.59%
terra-luna
Terra Luna Classic (LUNC) $ 0.000173 1.73%
frax
Frax (FRAX) $ 0.998991 0.29%
eos
EOS (EOS) $ 0.934423 1.67%
the-sandbox
The Sandbox (SAND) $ 0.616351 2.37%
trust-wallet-token
Trust Wallet (TWT) $ 2.31 3.56%
tezos
Tezos (XTZ) $ 1.02 1.45%
aave
Aave (AAVE) $ 63.86 3.03%
theta-token
Theta Network (THETA) $ 0.891877 1.18%
chiliz
Chiliz (CHZ) $ 0.161583 3.64%

Biden Administration Urges Speed Up of Crypto Regulation as Recession Fears Rise

07/12/2022
08/12/2022

MetaVentures Bangkok 2022

Bangkok, Thailand
14/12/2022
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023
Biden Administration Urges Speed Up of Crypto Regulation as Recession Fears Rise
Source: AdobeStock / Joe Gough

 

US President Joe Biden’s administration urged Congress to cross legal guidelines that can make clear how cryptoassets must be regulated, amid rising fears of a world recession.

The group of monetary regulators comprising the US Financial Stability Oversight Council issued a report on Monday, calling on politicians to succeed in an settlement on crypto-related issues, together with the way in which by which it’s bought on the spot market.

The report follows a quantity of main crypto and worldwide occasions, together with a bear market, the huge collapse of the Terra/LUNA ecosystem, a quantity of crypto corporations going bankrupt within the subsequent fallout, Russia’s invasion of Ukraine, Congress discussing tax guidelines for the stablecoin business, as properly as rising fears of a world recession.

It additionally comes after the week that noticed inventory falling on account of recession fears, the Dow Jones dropping into bear territory, as properly as the British pound sliding to an all-time low towards the greenback.

Called ‘Report on Digital Asset Financial Stability Risks and Regulation’, it “reviews financial stability risks and regulatory gaps posed by various types of digital assets and provides recommendations to address such risks,” mentioned the press launch.

It makes observe of “interconnections” throughout the crypto ecosystem and the standard monetary system, together with conventional property held as half of stablecoin actions, as properly as crypto exchanges doubtlessly offering all kinds of companies, such as leveraged buying and selling and asset custody, to numerous retail buyers and conventional monetary establishments.

The gaps and the best way to fill them

The report said that it recognized three gaps within the US crypto regulation:

  • the spot markets for crypto that aren’t securities are topic to restricted direct federal regulation;
  • crypto companies would not have a constant or complete regulatory framework and may interact in regulatory arbitrage;
  • a quantity of cryptoasset buying and selling platforms have proposed providing retail clients direct entry to markets by vertically integrating the companies supplied by intermediaries such as broker-dealers or futures fee retailers.

To handle regulatory gaps, the Council advisable the next steps:

  • the passage of laws offering for rulemaking authority for federal monetary regulators over the spot marketplace for cryptoassets that aren’t securities;
  • steps to deal with regulatory arbitrage together with coordination, laws concerning dangers posed by stablecoins, laws referring to regulators’ authorities to have visibility into, and in any other case supervise, the actions of all of the associates and subsidiaries of cryptoasset entities, and acceptable service supplier regulation;
  • research of potential vertical integration by cryptoasset corporations;
  • bolstering its members’ capacities associated to information, evaluation, monitoring, supervision, and regulation of crypto actions.

Secretary of the Treasury Janet Yellen known as the report “an important contribution” to the stories produced by the Treasury and different establishments as half of Biden’s government order.

Yellen was quoted as saying that,

“The report concludes that crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work to make progress on these recommendations.”

According to the Financial Times, nevertheless, these near the congressional negotiations mentioned they have been nonetheless months away from passing laws.

____ 

Compiled by Coinbold

Top Gainers
NamePrice24h %
Top Losers
NamePrice24h %