- Senior U.S. officials from the White House published a statement on Friday titled “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks,”.
- Experts in the Biden administration have laid out the first-ever framework for developing digital assets in a safe way while addressing the risks they pose.
Senior officials from the White House have released a roadmap that is meant to mitigate the risks in the wider cryptocurrency market. The statement, titled “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks,” was released on January 20, 2023.
The roadmap outlines a number of steps that the Biden administration is taking to address the risks posed by cryptocurrencies, including:
- Ensuring that cryptocurrencies do not undermine financial stability. The administration is working with Congress to develop legislation that would require cryptocurrency exchanges and other financial institutions to register with the Securities and Exchange Commission (SEC). This would help to ensure that cryptocurrencies are regulated in a way that protects investors and prevents them from being used to launder money or finance terrorism.
- Protecting investors. The administration is also working to increase transparency in the cryptocurrency market. This includes requiring cryptocurrency exchanges to disclose more information about their operations and the risks associated with investing in cryptocurrencies.
- Holding bad actors accountable. The administration is committed to holding those who engage in illegal activity in the cryptocurrency market accountable. This includes cracking down on fraud and other forms of financial crime.
The roadmap also emphasizes the importance of developing a comprehensive framework for regulating cryptocurrencies. The administration believes that this is essential to ensuring that cryptocurrencies are used safely and responsibly.
The roadmap is a significant step forward in the Biden administration’s efforts to address the risks posed by cryptocurrencies. It is clear that the administration is taking the issue seriously and is committed to protecting investors and preventing cryptocurrencies from being used for illegal activity.
The roadmap is also a sign of the growing interest in cryptocurrencies by governments around the world. As the cryptocurrency market continues to grow, it is likely that we will see more governments develop their own frameworks for regulating cryptocurrencies.