Republicans in the U.S. House of Representatives are criticizing the White House, saying the Biden administration’s approach to crypto assets threatens the nascent industry.

In a new memo addressed to the members of the House Committee on Financial Services, Republicans acknowledge that digital assets are a thriving trillion-dollar market.

However, the lawmakers say that the crypto industry in the US is now at risk of being pushed overseas due to the rules proposed by the Biden administration over the last two years.

The Republicans go on to urge cooperation between enforcement agencies and for lawmakers to come up with clear regulatory guidelines for the crypto industry to thwart this.

(By Rhodilee Jean Dolor)