Graham Steele Calls for Establishing Crypto Regulation Standards
Graham Steele, the U.S. Treasury Assistant Secretary for Financial Institutions, is urging the establishment of crypto regulation standards to proactively address potential crises. At a George Washington University Law School event, Steele emphasized the importance of learning from past financial crises to inform current policymaking.
Steele believes that policymakers have an opportunity to adopt higher standards for crypto-assets before a crisis occurs, supporting responsible innovation in the industry. However, he also stressed the need for a balanced approach that promotes innovation without compromising existing financial regulations.
Growing Focus on Cryptocurrency Regulation
Steele’s remarks come at a time when cryptocurrency regulation is receiving increased attention in Washington. President Joe Biden’s executive order in 2022 proposed comprehensive government oversight of digital assets, prioritizing consumer protection, financial stability, climate risks, and national security.
The Treasury’s report mandated by the executive order called for vigilant monitoring of the crypto sector and robust enforcement of investor and consumer protection laws.
“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.” – Graham Steele
The Positive Potential of Cryptocurrencies
In addition to addressing regulatory concerns, Steele acknowledged the positive potential of cryptocurrencies. He highlighted their benefits in cross-border payments, cost-effective settlements, and their ability to provide immutable ledgers.
Hot Take: Establishing Crypto Regulation Standards for Responsible Innovation
Graham Steele’s call for establishing crypto regulation standards reflects the growing recognition of the need to proactively address potential crises in the cryptocurrency industry. By drawing on lessons from past financial crises, policymakers have an opportunity to set higher standards that support responsible innovation while ensuring consumer protection and financial stability.
While recognizing the positive potential of cryptocurrencies in areas such as cross-border payments and cost-effective settlements, Steele emphasizes the importance of striking a balance between regulation and innovation. The focus on cryptocurrency regulation in Washington, including President Biden’s executive order, underscores the urgency of creating a comprehensive regulatory framework that addresses key concerns in the industry.
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