Treasury officials are calling for action from US policymakers to regulate cryptocurrencies before the next crisis hits

Lawmakers in the United States must act before the next crisis to develop standards to regulate cryptocurrencies, a U.S. Treasury official warned Thursday.

After each financial crisis, new regulations are adopted, such as the Dodd Frank Act and the National Bank Act, said Graham Steele, assistant secretary of the Treasury for financial institutions. When it comes to cryptocurrencies, politicians have the ability to act before a crisis occurs, he said.

“With regards to crypto-assets, policymakers have the opportunity to act before a crisis to adopt higher standards that support responsible innovation,” Steele said. “At the same time, it is critical that any legislative proposals do not undermine the already strong regulatory foundations that apply to financial institutions and capital markets.”

Steele spoke Thursday at an event hosted by George Washington University Law School and outlined his time at the Treasury Department over the past two years overseeing cybersecurity, cryptocurrency and capital markets, among others.

Lawmakers in Washington have long been working on bills to rein in the cryptocurrency industry. Attention to cryptocurrencies also came from President Joe Biden, who released an executive order in 2022 “outlining the first-ever government-wide approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.” The ordinance focused on issues such as consumer protection, financial stability, climate risks and national security.

The order also directed Treasury to write several reports, including one on cryptocurrencies. That 2022 report called for federal regulatory agencies to monitor the industry for bad actors and issue guidelines and rules.

“Our report found that the United States generally has strong investor and consumer protection laws that address many of the risks posed by crypto-assets,” Steele said on Thursday. “Where existing laws and regulations apply, they must be rigorously 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.”

The use case

Steele also delved into the use cases behind cryptocurrencies on Thursday.

“There are a number of potential use cases that advocates are touting as ways in which these products or services can be very beneficial,” Steele said. These include cross-border payments, faster and lower-cost payments and immutable records, she added.

“These seem like the areas, at least in our report, that we’ve called the most promising,” Steele said. “So it’s not so much about the crypto asset itself.”

Steele criticized Dogecoin, calling such assets speculative.

“It’s less about… I don’t even know if Dogecoin still exists or not, but it’s less about trading some of these things,” Steele said.

Davos

Meanwhile, on stage at the World Economic Forum in Davos, Switzerland, cryptocurrency executives were asked who says cryptocurrencies don’t yet have major use cases.

Ripple CEO Brad Garlinghouse cited his company’s focus on solving cross-border settlement issues, but added that there is speculation in the industry.

“What we haven’t seen yet and what I still think we will eventually see is the separation of the wheat and the chaff,” Garlinghouse said, including how technologies can be used to solve problems. The CEO also hit out at Dogecoin.

“I don’t understand,” Garlinghouse said. “Aside from Elon Musk as a central player, I don’t see the use case, the purpose.”

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