First-ever Crypto Regulation Framework Released by the White House

[Coin_Gabbar]

The White House unveiled the first-ever framework for potential cryptocurrency laws in the United States on Friday.
This significant announcement comes as the market for digital assets around the world continues to decline.

How might crypto regulation be impacted?

According to sources, the rules outline how the financial services industry should develop to make cross-border transactions simpler. While also focusing on putting an end to frauds in the cryptocurrency industry.

The recently adopted framework was created in accordance with the March executive directive. However, US President Biden asked federal organisations to examine the advantages and disadvantages of the cryptocurrency industry. According to the report, the new directives give regulators like the SEC and CFTC more clout. However, no specific watchdog has been given the power. But these much anticipated recommendations have caught the attention of both cryptocurrencies and emerging asset classes.

The report obtained, it was noted, encourages the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) to look into concerns. As a result, the monitoring and enforcement of unfair and abusive practices will be increased. This will create robust cryptocurrency restrictions.

Will SEC prevail in the legal contest?

New cryptocurrency regulations, according to US Economic Council Director Brain Deese, will put the US in a leadership position for the governance model. The Public Awareness Commission will direct financial education. The customer will benefit from knowing the hazards that are developing in the ecosystem of digital assets. Earlier, CoinGabbar claimed that SEC Chair Gary Gensler made a suggestion that the agency would give the CFTC some regulatory authority over cryptocurrencies.

Gensler acknowledged the importance of collaborating with Congress to bolster its sister watchdog. The CFTC may soon regulate some cryptocurrencies like bitcoin. He did point out that the SEC still needs more power to oversee and create regulations for the cryptocurrency industry.
For more information visit Coingabbar.com

[xaumana]

Crypto was not created to be regulated. "Crypto regulation" is a perversion.

I know it sounds strong, maybe even obscene. You most certainly won't find these words spoken on any of the crypto mass media, like CoinTelegraph, Crypto Daily and whatnot. Nobody would release an article mentioning crypto regulation is the biggest nonsense imaginable. Go to governance forums of major protocols - DAO or not, you're not allowed to spit on government regulation.

There's more than one generation in crypto nowadays, and the newer generations seem to be all in for the money - you enter crypto and receive money from the sky, "financial freedom" in the house! No wonder "crypto regulation" is deemed to be good for the industry.

I really doubt newcomers to crypto today have even read the BTC Whitepaper. I can't imagine Satoshi taking into account the future "crypto regulations".

I personally think a grave mistake is being made by the majority of crypto natives today, thinking any regulation whatsoever might be in any way good for the sector. No, it can't be.

The only way I can justify this common trend is by telling myself the majority of people just don't recognize who the enemy is, what they are capable of and how they operate. I also know that many people are trigger happy to call something a conspiracy theory, just because somebody mentions a "they" and an "enemy". Honestly, if somebody thinks that crypto, as a sector, as a phenomena if you will, has no enemies and nobody powerful hates it, well... maybe he should stay out of crypto for his own sake.

Crypto needs restraint - of course! - but not by frikin governments!? Crypto needs to reinvent it's own mechanisms for regulation, just like it reinvents gaming, just like it reinvents the financial system, just like it reinvents the web...

A government regulation by traditional institutions is like a bullet to the head for crypto. What we need is the invention of regulatory crypto protocols. OR, regulatory standards, like some DAO voted wide regulatory traits, that are made part of the future basic token standards. Crypto regulation should be crypto native.

If we are in crypto, it's because we don't need Them (governments) anymore. And not because we do. If I was happy with my government and its regulations, hell, I could just buy a frikin CBDC - correct me if you think I'm wrong.

P.S.
If institutional investors are waiting on the sidelines, because they need "more regulations" to enter crypto... excuse me, that's not good for crypto? That just means they are SLAVES to the powers that be - governments and TradFi regulators - that's why institutional investors wait for regulations to enter. Government regulations would mean crypto is a conquered sector, and institutional investors will be allowed to get in only after their masters have taken control of this new sector.

So the problem is all theirs. Lack of regulations is not crypto's problem. Obviously.