Biden to speed up the process of cryptocurrency regulation in the US

Theadministration of US President Joe Biden has called on Congress to speed up the implementation of cryptocurrency market regulations, as delays in the launch of regulatory policy pose a threat to investors.

As it has become known, the US Financial Stability Oversight Council (FSOC) has published a document that encourages policymakers to reach an agreement on the regulation of bitcoin and other digital assets. The FSOC aims to help investors protect their funds. According to the FSOC, many cryptocurrency transactions lack basic risk protection controls, and prices for digital assets are often speculative and do not meet current economic needs.

The Biden Administration believes that Congress should adopt rules that will allow the federal regulator to establish laws in the cryptocurrency market, which is currently not covered by current US securities laws. The FSOC also called on Congress to create a federal structure to regulate stablecoin issuers.

It is worth noting that a report published by the United Nations (UN) states that the monetary policy of the US central bank may cause a global recession. According to the UN forecasts, global economic growth will slow to 2.5% in 2022 and fall to 2.2% in 2023. This slowdown will cost the world approximately $ 17 trillion. Developing countries are at risk of suffering the most from rising US interest rates. That is why people are more actively investing in cryptocurrencies, which are currently not regulated by the US government.

Earlier, the White House presented the first-ever concept of cryptocurrency regulation in the United States. The main points covered by the recommendations are:

• consumer and investor protection;
• promoting financial stability;
• countering illicit financing;
• uS leadership in the global financial system;
• economic competitiveness;
• financial accessibility of cryptocurrencies.