Is the Biden Crypto Framework Bullish or Bearish for Crypto Prices?

cryptonews.com:

The administration of President Joe Biden has recently released a regulatory framework for digital assets, but key participants in the space do not believe it adequate.

A fact sheet describing the steps taken to regulate the cryptocurrency industry was made public by the White House on Friday. Despite prior requests for a uniform regulatory framework, stakeholders in the industry have criticized the recently implemented plan, pointing out its many flaws.

The framework intends to "Protect Consumers, Investors, Businesses, Financial Stability, National Security, and the Environment," according to the White House report. However, U.S. Representative Patrick McHenry pointed out that the plan is lacking in a number of crucial respects. 

McHenry claims that the White House reports are an unacceptable surrogate for true "legislative clarity." He further highlighted that the reports concentrate on the risks that digital assets pose rather than recognizing their critical contribution to fostering innovation in the United States.

Besides McHenry, the Blockchain Association excoriated the Biden Administration's regulatory stance. According to Kristin Smith, Executive Director of the Blockchain Association, the United States has lost a chance to solidify its position as a worldwide leader in the cryptocurrency industry with this strategy.

Like McHenry, Smith mentioned that the reports lost sight of opportunities and moved their attention to crypto risks, skipping a chance to offer suggestions for promoting innovation in the industry.

"This is surprising given the clear instructions from the [executive order] and work from members of Congress to move things forward," Warren added. Additionally, U.S. Senator Patrick Toomey said reports are