White House reveals framework for crypto regulation
The White House has revealed a new framework for regulating digital assets like cryptocurrencies. The proposed framework represents the Biden administration's "most significant effort yet" to create a policy for the government regulation of crypto assets, Forbes reports.
The statement released by the White House on Friday seems to be a follow-up to an executive order Biden signed in March, which requested that multiple agencies analyze the pros and cons of digital assets.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The proposed plan also addresses possible risks that crypto users could face. In its statement, the White House implores the Security and Exchange Commission and Commodity Futures Trading Commission to "aggressively pursue" investigations into unlawful practices. It also solicits federal agencies to put more effort into handling consumer complaints concerning deceptive practices by crypto companies.
Additionally, the White House is determined to make the digital economy more equally accessible by endorsing an expanded use of "instant payment services," and establishing regulations for "non-bank" payment platforms.
In another statement released by the White House, National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan said the new proposal would prepare the U.S. to play a "leading role in the innovation and governance of the digital assets ecosystem at home and abroad."
-
Scott Adams: The cartoonist who mocked corporate lifeFeature His popular comic strip ‘Dilbert’ was dropped following anti-Black remarks
-
The 8 best animated family movies of all timethe week recomends The best kids’ movies can make anything from the apocalypse to alien invasions seem like good, wholesome fun
-
ICE: Now a lawless agency?Feature Polls show Americans do not approve of ICE tactics
-
Israel retrieves final hostage’s body from GazaSpeed Read The 24-year-old police officer was killed during the initial Hamas attack
-
China’s Xi targets top general in growing purgeSpeed Read Zhang Youxia is being investigated over ‘grave violations’ of the law
-
Panama and Canada are negotiating over a crucial copper mineIn the Spotlight Panama is set to make a final decision on the mine this summer
-
Why Greenland’s natural resources are nearly impossible to mineThe Explainer The country’s natural landscape makes the task extremely difficult
-
Iran cuts internet as protests escalateSpeed Reada Government buildings across the country have been set on fire
-
US nabs ‘shadow’ tanker claimed by RussiaSpeed Read The ship was one of two vessels seized by the US military
-
Maduro pleads not guilty in first US court hearingSpeed Read Deposed Venezuelan leader Nicolás Maduro and his wife Cilia Flores pleaded not guilty to cocaine trafficking and narco-terrorism conspiracy
-
Iran’s government rocked by protestsSpeed Read The death toll from protests sparked by the collapse of Iran’s currency has reached at least 19
