[ad_1]
The White House has released a “Roadmap to Mitigate Cryptocurrency Risk”. The roadmap calls on authorities to “step up enforcement where appropriate” and Congress to “step up efforts” to regulate the crypto industry. He also notes that the legislation should not give the green light to traditional institutions “to dive headlong into the cryptocurrency markets.”
“The administration’s roadmap for mitigating cryptocurrency risk”
The White House released a blog post on Friday titled “The Administration’s Roadmap to Mitigate Cryptocurrency Risk” under the auspices of the National Economic Council (NEC), an Executive Office of the President (EOP). created to advise the President on US and global economic policy.
The roadmap is being drafted by four White House advisers: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chairwoman Cecilia Rouse and National Security Advisor Jake Sullivan. The CEA is responsible for providing objective economic advice on the formulation of national and international economic policy while the OSTP advises the President on all matters relating to science and technology.
White House advisers detailed:
Under the leadership of President Biden, we have spent the last year identifying the risks of cryptocurrencies and taking action to mitigate them using the powers available to the executive branch.
“Experts from across government have defined the first-ever framework for developing digital assets in a safe and responsible manner while addressing the risks they pose,” they added.
The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate information, and committing outright fraud. simple. Additionally, the authors claimed that “there is poor cybersecurity in the industry” that allowed North Korea to “steal over $1 billion to fund its aggressive missile program.”
While encouraging regulators to continue “to use their powers to strengthen enforcement where necessary and issue new guidance where necessary,” the authors of the roadmap pointed out:
The events of the past year show that more needs to be done. Agencies have stepped up efforts to fight fraud Law enforcement agencies are devoting increased resources to combating illicit activities involving digital assets.
“In the coming months, the administration will also unveil priorities for digital asset research and development, which will help the technologies powering cryptocurrencies protect consumers by default,” they revealed.
Congress needs to ‘step up its efforts’ to regulate crypto
The roadmap also calls on Congress to “step up its efforts” in regulating the crypto industry, such as expanding the powers of regulators to prevent misuse of customer assets and mitigate conflicts of interest.
White House advisers have suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit finance rules, and subject crypto intermediaries to bans to prevent the criminals. However, they warned:
The legislation should not give the green light to traditional institutions, like pension funds, to dive headlong into the cryptocurrency markets.
Advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the wider financial system.
In conclusion, they pointed out:
The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, more secure and more accessible.
Nevertheless, the authors of the roadmap noted that “to realize these benefits, new technologies need proportionate safeguards”, specifying: “To put in place the right safeguards, we will continue to advance the framework of digital assets that we developed, while working with Congress. to achieve these goals. »
What do you think of the White House advisers’ roadmap to mitigating crypto risk? Let us know in the comments section below.
Kevin Helms
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More popular newsIn case you missed it
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiWGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS93aGl0ZS1ob3VzZS1wdWJsaXNoZXMtcm9hZG1hcC10by1taXRpZ2F0ZS1jcnlwdG9jdXJyZW5jeS1yaXNrcy_SAQA?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]