US House Republicans Are Slamming Biden’s Administration Attack On Crypto

According to the latest reports, it seems that the rear some pretty important moves taking place in the crypto space. Check out the latest reports about all this below.

According to the latest reports, it seems that the republicans in the U.S. House of Representatives are criticizing the White House, saying the Biden administration’s approach to crypto assets threatens the nascent industry.

In a new memo addressed to the members of the House Committee on Financial Services, Republicans acknowledge that digital assets are a thriving trillion-dollar market.

“Today, the total digital asset market capitalization stands at approximately $1.06 trillion, with Bitcoin and Ether making up approximately 60 percent of the market. The digital asset ecosystem, while nascent, contains a diverse array of businesses and operations united in their common use of distributed ledger technology.”

It’s also been revealed the fact that lawmakers say that the crypto industry in the US is now at risk of being pushed overseas. This could reportedly be happening due to the rules proposed by the Biden administration over the last two years.

The Republicans go on to urge cooperation between enforcement agencies and for lawmakers to come up with clear regulatory guidelines for the crypto industry to thwart this.

“Many of the actions [of the Biden Administration] can be considered an overreach of jurisdictional authority. In addition, the consequences of these policies cannot be understated. Because of actions taken by this Administration, the United States is at risk of pushing the digital asset ecosystem overseas.”

We suggest that you check out the complete reports in order to learn more details.

According to the latest notes coming from CoinDesk, it seems that the U.S. authorities transferred $1 billion worth of bitcoin (BTC) recovered from a dark web hack to new wallet addresses, including one owned by Coinbase, on Wednesday, stoking investor fears that intense sell pressures could drive down the token’s price.