.WhiteHouse officials have called on Congress to “step up its efforts” to regulate the crypto industry, suggesting that lawmakers expand regulators’ powers to oversee crypto and more. cheyenneligon reports
urging Congress to “step up its efforts” with respect to regulating the cryptocurrency market.
Other suggestions for Congress in the statement included strengthening transparency and disclosure requirements for crypto companies, strengthening penalties for violations of illicit-finance rules, and working more closely with international law enforcement partners. To do so, the officials warned, “would be a grave mistake” that “deepens ties between cryptocurrencies and the broader financial system.”
“Some cryptocurrency entities ignore applicable financial regulations and basic risk controls…In addition, cryptocurrency platforms often mislead consumers, have conflicts of interest, fail to make adequate disclosures, or commit outright fraud," they wrote.
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