Republicans criticize the Biden administration, which they believe threatens the cryptocurrency industry

The White House is under fire from Republicans in the U.S. Upper House.

In a new memo to members of the House Committee on Financial Services, Republicans acknowledge that digital assets are a thriving market worth more than a trillion dollars. Republicans also criticized the White House, saying the Biden administration's approach to cryptocurrencies threatens the development of this innovative ecosystem.

Republicans support cryptocurrency companies

– Currently, the total capitalization of the digital asset market in the US is about $ 1.06 trillion, and Bitcoin and Ethereum alone account for about 60 percent of this innovative financial market. The digital asset ecosystem, while still emerging and evolving, contains a diverse array of companies and operations united in the common use of distributed ledger technology, the memo states.

However, lawmakers say the cryptocurrency industry in the US is now in danger of being pushed overseas due to regulations proposed by the Biden administration over the past two years.

As such, Republicans continue to call for cooperation among law enforcement agencies and for lawmakers to come up with clear regulatory guidelines for the cryptocurrency industry to lead to a successful deal with the US digital currency industry.

– Many of the actions of the Biden administration can be considered a significant violation of jurisdictional powers. Due to the actions taken by this administration, the United States is exposed to huge financial losses and the risk of pushing the digital asset ecosystem abroad, the Republicans wrote.

Republicans have long been lobbying for increased cooperation between authorities to provide legal certainty in the digital asset space and are working to encourage federal regulators to support financial innovation in thoughtful and purposeful ways.

"Over the past few months, a number of events have made it clear that Congress needs to pass new legislation to provide clarity for the entire US digital asset sector."

The memo was released ahead of the first hearing of the House Subcommittee on Digital Assets, Financial Technology and Social Inclusion on Thursday, March 9. The memo further states that the discussion will be about “the President Biden administration’s attack on the digital asset sector.”