The White House working group on digital assets invoked regulators and legislators on Wednesday to the rules and regulations on cement concerning the registration, custody and trade of digital assets in search of “the new American golden age”.
In 166 pages, the group called the Titles and Exchange Commission and the Committee Futures Trading Commission to use their existing powers to legalize the cryptocurrency trade at the federal level. The report also urged Congress to write legislation granting the CFTC authority to regulate the cash markets of non -security digital assets, which a bill presented by Sens. Kirsten Gillibrand, D-Dy and Cynthia Lummis, R-Wy, in 2022 aimed to do.
The group has also said that federal banking regulators – the Federal Reserve, the Currency Controller Office, the Federal Deposit Insurance Corporation and the National Credit Union Administration – “should never further pursue Biden on Choke Point 2.0 administration and should rather seize the opportunities that digital assets and blockchain technologies offer to national banks.” Which referred to a alleged coordinated regulatory efforts by the Biden administration to undermine the cryptographic industry by blocking it outside the banking system.
Banking regulators should ensure that risk management directives are neutral technology and should revive efforts to clarify the activities that banks wish to continue, according to the report.
“To support these efforts, the United States should adopt capital requirements for the activities of the digital banking assets which precisely reflect the risk of assets or activity,” the group wrote. “Relevant federal banking regulators should provide clarity and transparency concerning the eligible association process to obtain a banking charter or a reserve reserve account.”
Custodia Banking focused on crypto Try and stranded To obtain a main account of the reserve bank. The guards fought the Fed in court and lost, with a judge last year. That federal laws do not require that the Fed gives each eligible institution a main account.
The main suggestions of the report included strengthening the role of the US dollar by advancing “faithfully and quickly to implement the law on engineering” – which creates a framework for Stablecoins and has recently been promulgated – and fighting illegal finance by modernizing anti -flowing rules according to digital assets.
In addition, the group has suggested internal revenue service updates to eliminate obstacles to compliance for individuals and businesses involved in cryptography -related activities. The congress, wrote the working group, should adopt legislation dealing with crypto as a new asset class subject to securities tax rules and basic products for federal income tax purposes.
The actors of the crypto industry celebrated the publication of the report, which anchorage digital CEO, Nathan McCauley, called a “plan for having reached more regulatory clarity for the industry and the millions of Americans who use Crypto”.
“The complete and thoughtful recommendations of the working group are exactly what we need to stimulate innovation and unlock the next era of American leadership in global finance,” he said in an email statement. “Coupled with a recent series of legislative breakthroughs – such as the Historical Engineering Act – we obtain lighter road rules almost every week.”
