The President of the United States, Joe Biden, orders regulatory agencies to do research on the cryptocurrency business in order to develop improved rules aimed at safeguarding consumers rights. After Biden’s directive had been in effect for a period of six months, the relevant agencies in the government produced reports that included suggestions for the crypto regulatory framework that was required to promote transparency and avoid illegal activity.
The bitcoin studies that were released on Thursday were met with criticism from a few cryptocurrency firms, who said that the papers lacked clarity in some areas of the cryptocurrency ecosystem. In contrast to these assertions, Changpeng Zhao, also known as C.Z., the CEO of the world’s top blockchain crypto exchange, applauded the first ever government documents on crypto regulation and planned to cooperate with lawmakers.
CZ works together with International Regulatory Organizations
These revelations surface in the wake of attempts made by the administration of Vice President Joe Biden to develop a transparent ecosystem via collaborative efforts with state agencies. It covers the calls made by the Treasury Department to scale up its efforts to supervise the possible hazards and other concerns that are involved with bitcoin. The papers also emphasised the need of doing further study on the CBDC’s initiatives and action plans for unsavory characters who unlawfully move money around.
Following many months of investigation and examination of the blockchain system, the authorities in charge of regulating it have prioritized a number of the policy suggestions included in the report. It addresses issues such as the leadership of the United States within the international financial system, the protection of consumers and investors, the fight against illicit financing, the promotion of financial stability, economic competitiveness, financial inclusion, and responsible innovation.
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