The White House's digital assets task force calls on regulators to clarify cryptocurrency transaction regulations and promote innovation.
In the context of important cryptocurrency legislation being enacted into law, along with two other bills currently in process in the Senate, the White House emphasizes the clear regulatory role to ensure a safe and efficient development environment for the cryptocurrency sector.
MAIN CONTENT
The digital assets task force proposed clarifying cryptocurrency transaction laws.
The important cryptocurrency bill has just been enacted into law by Congress.
Two supplemental bills are being considered in the Senate to promote innovation.
What does the White House's digital assets task force propose regarding cryptocurrency regulation?
The task force emphasizes the urgent need for clear legal guidance from regulators to protect users and create an innovative environment for the cryptocurrency market.
Clarifying cryptocurrency transaction laws helps minimize legal risks for investors and businesses, while promoting the development of new technological solutions. This is a requirement based on the experience of implementing global digital asset policies and the realities of the U.S. market.
A transparent legal framework also facilitates the development of DApps and Smart Contracts that comply with standards, contributing to increasing investor confidence in the cryptocurrency market.
What is the importance of the cryptocurrency bill just enacted into law in the current context?
The newly issued bill creates the first legal framework to regulate the activities of exchanges, wallets, and related services, while harmonizing regulations among various regulatory agencies.
This is very important because previously, the lack of synchronization caused many investors to face risks in trading and storing digital assets. According to a report by the U.S. Securities and Exchange Commission (SEC) in 2023, legal ambiguity is one of the biggest obstacles preventing the cryptocurrency market from stabilizing.
We need a clear legal framework to both promote innovation and sustainably protect consumers and the market.
Ms. Janet Yellen, U.S. Secretary of the Treasury, 2024
This bill indirectly supports the transparent development of Staking, Lending, and DeFi activities, while laying the foundation for effective governance and security policies.
What do two more bills awaiting consideration in the Senate mean for the cryptocurrency revolution?
The two bills are expected by industry experts to expand the scope of regulation while introducing initiatives to promote technology and Blockchain infrastructure in the United States.
The content of the bill includes facilitating the development of Mainnet, strengthening the protection of individual users when participating in transactions, and enhancing compliance standards for financial institutions participating in the cryptocurrency market.
These policies are based on extensive research and international experience to avoid scenarios like rug pulls and pump dumps that undermine market confidence. At the same time, the bills also call for increased international cooperation in cryptocurrency regulation to more effectively protect participants.
Frequently Asked Questions
What impact does clear regulation have on the cryptocurrency market?
Transparent regulations help reduce legal risks and increase investor confidence, supporting the sustainable development of the cryptocurrency market.
Does the new bill include user protection measures?
Yes, the bill stipulates measures to protect users when participating in transactions, while requiring exchanges and wallets to comply with high-security standards.
Why are these bills important for technological innovation?
The bills create a favorable legal environment for the development of Blockchain technology, DeFi, and Smart Contracts, promoting a stronger market development.
When will the two bills under consideration be decided?
The two bills are currently in the discussion stage in the Senate and are expected to be voted on in 2024, according to the policy timeline of the U.S. Congress.
What role does the White House's cryptocurrency task force play?
The task force coordinates among inter-agency bodies to propose policies, clarify regulations, and help balance the interests between innovation and user protection.
Source: https://tintucbitcoin.com/nhom-tien-dien-tu-trump-keu-goi-quy-dinh/
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