US treasury officials alarms on cryptocurrency regulation

The US treasury official calls for immediate cryptocurrency regulation,After their treasury’s 2022 report mandating the use of cryptocurrency .

The U.S treasury Assistant Secretary for Financial Institutions,Graham steele ,in the report emphasized the positive effects cryptocurrency can offer in the economy.

He lamented on the great benefit posed from using cryptocurrency such as cross border payment,bills settlements,for ledger purposes.

Moreover,posing potential benefits on climate risk,protection of customers,strong national security and stability in finances.

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Recently,There was an immediate call for the regulation of cryptocurrency by Graham steele as he cried out the importance of this new policy.

Hedging against the past financial crisis which was withnessed such as the National Bank Act and the Dodd-Frank Act. As quoted by him,This policy has to be done as soon as possible to hedge against the unforseen crisis to come.

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During a law school event in the university of George Washington ,which Steele attended,He stated the idea of the cryptocurrency regulation policy;

“For crypto-assets, policymakers have a chance to act before a crisis to adopt higher standards that support responsible innovation,”George said.

edgers.e order, called for vigilant monitoring of the crypto sector and robust enforcement of investor and consumer protection laws.

“For crypto-assets, policymakers have a chance to act before a crisis to adopt higher standards that support responsible innovation,” Steele said.

“Where existing laws and regulations apply, they have to be vigorously enforced so that crypto-assets and services  and the consumers who use them  are subject to the same protections and principles as other financial products and services.”He added

See also  Blockchain & the football betting industry

After the US treasury report in 2022,Propounding the use of Cryptocurrency,These treasuries are now set to regulate it

 

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Updated: January 19, 2024 — 4:49 am

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