The Crypto Market Integrity Coalition called on Congress to establish a national regulatory framework for digital assets before the current legislative session ends.&nbsp; 
In a letter dated November 14 and seen by crypto.news, CMIC urged Congress to “foster a ‘compliance mindset’”&nbsp; towards crypto, emphasizing that delays leave consumers unprotected and discourage innovation in the U.S. 
The letter’s message to Congress argued that consumers remain vulnerable to <a href="https://crypto.news/cryptocurrency-crime-february-2024/" target="_blank">bad actors</a> without regulation, and American firms will lose ground to international competitors who benefit from cleaner regulatory environments abroad.&nbsp; 
CMIC’s letter points out that while countries like the EU and Japan have adopted digital asset frameworks, the U.S. lacks clarity. 
The CMIC is a group of 55 digital asset companies, including <a href="https://crypto.news/tag/Coinbase/" target="_blank">Coinbase</a>, <a href="https://crypto.news/tag/robinhood/" target="_blank">Robinhood</a>, and <a href="https://crypto.news/tag/Circle" target="_blank">Circle</a>. 
 You might also like: <a rel="" href="https://crypto.news/doj-investigates-polymarket-over-alleged-u-s-user-participation/"> DOJ investigates Polymarket over alleged U.S. user participation </a> 
<h2 class="wp-block-heading" id="calls-for-action-on-stablecoins-and-fraud-prevention">Calls for action on stablecoins and fraud prevention</h2> 
One of CMIC’s main priorities was creating a regulatory framework around payment <a href="https://crypto.news/tag/stablecoin/" target="_blank">stablecoins</a>.&nbsp;Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to the U.S. dollar, and were widely used for transactions within the digital economy.&nbsp; 
CMIC argued that formal rules on stablecoins could promote the U.S. dollar’s use in global crypto markets, offering both economic and security benefits.&nbsp;The letter pointed out that <a href="https://crypto.news/andreessen-horowitzs-a16z-future-of-u-s-crypto-industry-is-bright/" target="_blank">clearer stablecoin regulations</a> could help reduce fraud risks while enabling American consumers and businesses to use stable digital assets more confidently. 
The coalition also highlighted that the previous “regulation by enforcement” approach — where agencies took action only after harm had occurred — created an unstable environment.&nbsp; 
This reactive approach led to gaps where unregulated crypto firms operated freely, potentially exposing U.S. consumers to fraud or financial losses, the letter argued. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “The lack of Congressional action has left the U.S. relying solely on regulation by enforcement. This has sent a powerful signal to market manipulators and offshore, unregulated crypto firms that successful perpetration of fraud and market misconduct is only a matter of staying one step ahead of U.S. law enforcement.” 
 Crypto Market Integrity Coalition 
</blockquote> 
<h2 class="wp-block-heading" id="a-push-for-immediate-legislative-action">A push for immediate legislative action</h2> 
CMIC’s letter urged members to adapt to the current bipartisan digital asset proposals in Congress and distribute regulatory responsibilities among different governmental agencies, supporting security and compliance within the crypto industry.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Americans are waiting…we encourage you to heed the call of millions of Americans to act now. Missing the opportunity to legislate would be a mistake that will be noticed at home and abroad. CMIC and its members stand ready to serve as a resource on behalf of regulated and responsible American industry.” 
 Crypto Market Integrity Coalition 
</blockquote>

‘Americans are waiting, act now’: CMIC urges US Congress to legislate crypto

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