- Backed by an executive order from Biden, the White House has finally released its first-ever framework on crypto regulation in the US. The departments across the government have collaborated to advance six key priorities.
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Most of the directive concerns consumer protection, as customers are subject to crypto scams or cyberattacks on exchanges. The six areas include: Consumer and investor protection, Financial stability, Illicit activity, U.S. competitiveness on a global stage and Responsible innovation.
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Despite concerns about digital coins, some policymakers want to downplay any risks related to crypto. The reports urged regulators like Securities and Exchange Commission and the Commodity Futures Trading Commission to issue guidance and rules for digital asset ecosystems, including the potential for cryptocurrencies to be used in money laundering or fraud.
19 Sep 2022
Biden releases crypto regulations
The White House unveils a new crypto framework
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Why it matters
The White House has announced a long-awaited plan to regulate the crypto market, and it’s sending shockwaves through the industry. In part, the plan is intended to give the US a competitive advantage over other countries that are cracking down on crypto development, like China as they ban cryptocurrencies.