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Members of the crypto space and advocacy groups reacted to United States President Joe Biden\u2019s administration releasing a regulatory framework on digital assets, with many suggesting the White House focused on the potential negative aspects of crypto.<\/p>\n
In a Friday announcement, the White House said that federal agencies and departments had submitted nine reports as required by Biden\u2019s executive order on crypto from March. Among the information in the fact sheet included policy objectives for a U.S. central bank digital currency, ways to mitigate the possible impact of crypto\u2019s energy usage on the climate, regulatory aims for enforcement actions, rules to address risks and consumer protection. <\/p>\n
The Biden administration said that the Treasury Department will report on an \u201cillicit finance risk assessment on decentralized finance\u201d by February 2023, adding federal agencies will \u201ccontinue to expose and disrupt illicit actors and address the abuse of digital assets.\u201d In addition, the White House said it would support payment systems akin to FedNow, which the Federal Reserve planned to launch in 2023.<\/p>\n
Crypto analyst Dylan LeClair and MicroStrategy co-founder Michael Saylor both\u00a0criticized<\/a> the administration\u2019s stance on Twitter, claiming<\/a> it was using environmental concerns as a pretext for extending its control over digital assets:<\/p>\n \u201cIf you don\u2019t like how someone is using energy, pay a higher price than them […] No amount of hysteric screeching about climate change will stop the next block from being mined.\u201d<\/p><\/blockquote>\n \u201cToday\u2019s reports and summaries from the Biden administration\u2019s executive order on digital assets are a missed opportunity to cement U.S. crypto leadership,\u201d said Kristin Smith, executive director of the U.S.-based Blockchain Association. \u201cWhile intended to be part of a broader government and stakeholder effort to bring better regulation to crypto assets, these reports focus on risks \u2014 not opportunities \u2014 and omit substantive recommendations on how the United States can promote its burgeoning crypto industry.\u201d<\/p>\n The White House’s proposed framework is a fucking disgrace. <\/p>\n – Clear attack on proof-of-work by implying they will set environmental standards for mining.\n
– Pushing FedNow over crypto
– Framing everything as a potential scam or threat
– Harping on volatility and consumer risk<\/p>\n