President Biden's administration is pushing for more regulations on digital assets such as cryptocurrencies, and it's advocating for tougher oversight at a time when the popularity of virtual money continues to grow.
The White House is encouraging regulators to exercise more oversight of digital assets, including cryptocurrencies like bitcoin.
In a series of new reports released Friday that lay out recommendations, the White House pointed to the volatility of virtual currencies and a recent slump that has led to trouble across the crypto landscape. U.S. regulators, along with their global counterparts, have long been wary of cryptocurrencies, even as they have acknowledged the potential of virtual currencies, saying,"Digital assets present potential opportunities to reinforce U.S. leadership in the global financial system and remain at the technological frontier."as part of a broader rout, and today, bitcoin's value is about a third of what it was last November.
"The reports encourage regulators, as they deem appropriate, to scale up investigations into digital asset market misconduct, redouble their enforcement efforts, and strengthen interagency coordination," said national security adviser Jake Sullivan and Brian Deese, director of the National Economic Council, in a statement.
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