President Biden's administration is pushing for more regulations on digital assets such as cryptocurrencies in a series of new reports released today.
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.
Since President Biden signed an executive order on digital assets in March, Treasury Secretary Janet Yellen has played a key role in the administration's approach to digital assets. In recent years, the Securities and Exchange Commission has brought enforcement actions against crypto companies. The White House wants that to continue.
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