The Digital Chamber (TDC) has joined the Crypto Market Integrity Coalition (CMIC) in urging the Biden-Harris administration to establish "clear rules for the digital asset market." TDC announced their participation in an August 7 blog post, emphasizing that such regulations would foster compliance and align with U.S. financial norms and democratic principles.
According to TDC’s blog post, the United States could face a significant setback on the global stage if foundational legislation with clear rules for the digital asset marketplace is not enacted by the Biden-Harris administration. TDC and CMIC, along with their members, have offered to serve as resources while advocating for regulated and responsible digital asset practices.
"We commend the administration’s recent affirmations that creating a balanced regulatory environment for digital assets is essential. We agree wholeheartedly that this will promote responsible development, foster payment innovation, and reinforce U.S. leadership in the global financial system. The Digital Chamber and CMIC members stand ready to collaborate with the administration to transform these affirmations into concrete actions," TDC wrote in its August 7 blog post.
In a letter addressed to President Joe Biden and Vice President Kamala Harris, CMIC reflected on bipartisan efforts in Congress to create proposed frameworks supporting a regulated market for digital assets. The letter highlighted that modernizing the financial system would enhance American competitiveness, noting that nearly 90% of merchants expect digital currency payments to become ubiquitous in the coming years.
The letter also stated that "the lack of regulatory clarity in the US has harmed domestic innovation and left consumers exposed to bad actors," adding that losses incurred in recent years could have been avoided with basic consumer protections. While recognizing that "the enforcement-first posture of the US government has sent a powerful signal to market manipulators and particularly the offshore, unregulated crypto market," CMIC stressed that regulatory clarity is needed to help compliant American firms mitigate risks posed by bad actors.
The CMIC is a coalition of digital asset market participants committed to enabling a safe, sensibly regulated crypto ecosystem. It was launched in 2022.
The Digital Chamber promotes acceptance and use of digital assets and blockchain-based technologies through education and advocacy. According to its About page, the organization aims to develop an environment fostering innovation, jobs, and investment.
