After the white house report did not mention any welcoming views to crypto regulation, the US legislators shot a letter to the President’s advisers.
The Council of Economic Advisers, an agency that published a report recently, has come under attack from US legislators who are crypto proponents. The agency had recently included a chapter on crypto assets in the report, which did not have favorable views towards the crypto industry and assets as such.
US legislators Mike Flood and Warren Davidson proceeded to send a letter to the agency, underlining how the report could overturn years of deliberations on crypto regulations in the US Congress.
They also mentioned how the ‘Executive Order on Ensuring Responsible Development of Digital Assets’ signed by the US president could become contradictory to the agency’s views in the report.
The US legislators claimed in the letter how crypto assets could be regulated through appropriate crypto regulations, which could unlock the potential of the sector. Such negative views towards the crypto industry could, in fact, discourage crypto firms from setting up shop in the US, they said.
Congressman Mike Flood said, “We need a regulatory framework that attracts investment here in America and encourages private sector entrepreneurs to deliver digital asset technology here at home. I strongly urge the Council of Economic Advisers to avoid antagonizing innovation and to adopt a new approach that supports investment in our digital future.”
After the letter went public, it drew support from several crypto proponents who questioned the agency’s lackluster approach towards a future regulatory regime drafted by the US Congress.
The white house report claimed that central bank digital currencies and the upcoming FedNow payments system were better than crypto assets, to which the US legislators requested an explanation.