US crypto group demands 'clear crypto regulation' from Biden administration
CryptoNewsTerminal Staff07 Aug, 2024
US crypto group demands 'clear crypto regulation' from Biden administration
The Crypto Market Integrity Coalition (CMIC), a group of crypto companies that includes Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko and Matrixport, has urged US President Joe Biden and Vice President Kamala Harris to implement clear regulatory frameworks for crypto. CMIC argues that enforcement actions by various US authorities have addressed some market manipulation, money laundering, and fraud but that there is still a lack of regulatory clarity. The group is asking the Biden administration to prioritize legislation such as the Digital Commodities Consumer Protection Act (DCCPA) and the 21st Century Financial Technology Act (FIT21) to provide the necessary clarity. FIT21 would require creating a definition for blockchain and cryptocurrencies and a regulatory framework for digital assets, while the DCCPA would give the Commodity Futures Trading Commission (CFTC) jurisdiction over the spot market for cryptocurrencies rather than the SEC.
