Over 50 crypto companies, including Coinbase and Circle, urge the U.S. government to establish clear regulatory rules.
Powered by ChatGPTDeep Tide TechFlow News, the Cryptocurrency Market Integrity Alliance (CMIC) composed of more than 50 encryption companies such as Solidus Labs, Coinbase, and Circle, has sent an open letter to the White House, urging the Biden administration to establish clear rules for the digital asset industry.
The alliance stated that the lack of clear regulation has led to consumer harm, stagnation of innovation, and caused compliant U.S. companies to lose market share.
They emphasized that regions such as the EU, Japan, and the UK have begun to establish regulatory frameworks, urging the U.S. government to collaborate with Congress this year to establish foundational regulations. Additionally, cryptocurrencies are gaining attention in the upcoming election season, with the Republican Party expressing support for the crypto industry, and Vice President Harris's team also engaging with the industry. Furthermore, the advocacy organization Stand with Crypto announced two new appointments to further drive industry development.