According to sources, the Treasury department and the US Financial Stability Oversight Council urged the politicians to reach a consensus on the laws. This covers rules governing Bitcoin and other digital assets.
To move forward with the cryptocurrency rules.
The significant change occurred as the industry's demand for clear laws governing digital assets grew.
A future with stricter crypto laws
According to sources, the Treasury department and the US Financial Stability Oversight Council urged the politicians to reach a consensus on the laws. This covers rules governing Bitcoin and other digital assets.
The delay of the regulations is placing investors at a great danger, thus the Biden administration has pushed Congress to push the laws. After the Congress debated a proposal that addressed the $140 billion stablecoin market, this report was submitted. It contains tax regulations for cryptocurrency brokers.
Congress is reportedly still months away from passing legislation pertaining to cryptocurrencies, according to reports. The Biden administration appears to be concerned about a potential repetition of Terra's stablecoin USTC's collapse, though.
The crypto market was severely damaged by the historic collapse of Terra's native token LUNA and stablecoin USTC. But it also resulted in the market's collapse. The value of all digital assets has decreased down below the critical $1 trillion threshold.
The market is now more volatile as a result of this incident. The committee has taken notice of the bankruptcy filings of significant digital asset companies.
Who will assume command?
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), however, have asserted their authority over the developing cryptocurrency industry.
In response to illegal tactics, the SEC has since filed cases against a number of cryptocurrency companies and currencies. The SEC chair added, however, that the majority of digital assets are securities. While the commission ought to control platforms.
According to the study, neither the SEC chair nor the CFTC chair intended to support one agency over another.
