White House Unveils Plan to Tackle Cryptocurrency Risks, Calls for Increased Enforcement

The White House has published a roadmap asking authorities to increase enforcement and ramp up efforts to regulate the crypto sector.

In an official blog on Friday, the Biden Administration detailed its plans to address potential risks from cryptocurrencies in a roadmap that calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the industry.

Furthermore, the administration called on agencies to use their executive power and "ramp up enforcement where appropriate and issue new guidance where needed." Specifically, the government asked Congress to increase efforts to regulate the crypto market.

The administration noted that Congress should not allow mainstream institutions like pension funds to dabble into cryptocurrency markets as this would deepen the ties between cryptocurrencies and the broader financial system and increase systemic risks, calling it "a grave mistake" to pass laws that deepen the ties.

(By Ruholamin Haqshanas)

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