Immediate crypto regulation urged by US Treasury official
Graham Steele, the U.S. Treasury Assistant Secretary for Financial Institutions, has emphasized the importance of establishing regulatory standards for cryptocurrencies to prevent potential crises. Speaking at an event at the George Washington University Law School, Steele highlighted the opportunity for policymakers to learn from past financial crises and implement higher standards that support responsible innovation in the crypto industry. He stressed the need for a balanced approach to legislation, advocating for regulations that promote innovation while also maintaining existing financial regulations.
Steele’s tenure at the Treasury has coincided with a growing focus on cryptocurrency regulation in Washington. This includes President Joe Biden’s 2022 executive order, which proposed a comprehensive government approach to digital assets, with a focus on consumer protection, financial stability, climate risks, and national security. The Treasury’s 2022 report, as mandated by the executive order, called for close monitoring of the crypto sector and strict enforcement of laws protecting investors and consumers.
During his speech, Steele also highlighted the positive aspects of cryptocurrencies, such as their potential for cross-border payments, cost-effective settlements, and the use of immutable ledgers. It is clear that the regulation of cryptocurrencies will continue to be a topic of discussion and action in the coming years.
