In January 2019, the White House released a statement that addressed cryptocurrencies. The administration’s guidance to the U.S. Congress was based on reports mandated by President Joe Biden’s executive order on Ensuring Responsible Development of Digital Assets issued in March 2022.
The first element in the road map is the administration’s “first-ever” comprehensive framework for digital asset development, released in September 2022. That document was based on reports mandated by the president’s executive order on Ensuring Responsible Development of Digital Assets issued in March 2022.
Second, executive agencies are increasing enforcement actions against individuals who violate these laws and issuing new guidance for banks regarding their customers’ use of cryptocurrencies. Government agencies are also developing public awareness programs to help consumers understand the risks of buying cryptocurrencies.”And last but not least,”the statement concluded, “
More Regulations for Cryptocurrency Upcoming
The White House has called on Congress to take more action on cryptocurrency regulation in order to protect consumers and prevent illicit activities such as money laundering and financing of terrorism. The White House has previously issued a statement on cryptocurrency, highlighting the importance of taking a balanced approach to regulation that allows for innovation while also protecting consumers.
The statement urged Congress to take steps to improve the regulatory framework for cryptocurrencies, including developing a comprehensive approach to anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. The White House also called for greater collaboration between regulators and the private sector to combat illicit activities in the crypto space.
The statement also called for increased efforts to combat fraud and protect consumers, as well as enhance regulatory cooperation and coordination among different countries.
In summary, the White House has called on Congress to take action on cryptocurrency regulation in order to protect consumers and prevent illicit activities such as money laundering and financing of terrorism. It urged Congress to take steps to improve the regulatory framework for cryptocurrencies, including developing a comprehensive approach to anti-money laundering and countering the financing of terrorism regulations, as well as greater collaboration between regulators and the private sector to combat illicit activities in the crypto space.
