Current:Home > Contact-usThe White House calls for more regulations as cryptocurrencies grow more popular-LoTradeCoin
The White House calls for more regulations as cryptocurrencies grow more popular
View Date:2024-12-24 08:00:52
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.
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.
"Digital assets pose meaningful risks for consumers, investors, and businesses," the Biden administration said, noting there are "frequent instances of operational failures, market manipulation, frauds, thefts, and scams."
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."
This year, cryptocurrencies TerraUSD and Luna collapsed as part of a broader rout, and today, bitcoin's value is about a third of what it was last November.
Among other directives, the new reports call on financial regulators to crack down on unlawful practices and to "address current and emergent risks."
Congress is looking at new regulations
In recent years, the Securities and Exchange Commission has brought enforcement actions against crypto companies. The White House wants that to continue.
"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.
The administration also suggests that the Consumer Financial Protection Bureau and the Federal Trade Commission "redouble their efforts to monitor consumer complaints and to enforce against unfair, deceptive, or abusive practices."
At the same time, the administration has urged Congress to give regulators more concrete guidance.
That is starting to happen. In June, Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo., introduced a proposal to create a regulatory framework for digital assets.
The reports out on Friday stem from an executive order that Biden signed in March to ensure the "responsible development of digital assets." It was intended to streamline the federal government's approach to digital assets.
veryGood! (31)
Related
- Rare Alo Yoga Flash Sale: Don’t Miss 60% Off Deals With Styles as Low as $5
- Deion Sanders' pastor and friend walks the higher walk with Coach Prime before every Colorado game
- Jan. 6 Capitol rioter Rodney Milstreed, who attacked AP photographer, police officers, sentenced to 5 years in prison
- As Russia hits Ukraine's energy facilities with a deadly missile attack, fear mounts over nuclear plants
- Real Housewives of New York City Star’s Pregnancy Reveal Is Not Who We Expected
- As the world’s diplomacy roils a few feet away, a little UN oasis offers a riverside pocket of peace
- Worker involved in Las Vegas Grand Prix prep suffers fatal injury: Police
- Brewers 1B Rowdy Tellez pitches final outs for Brewers postseason clinch game
- Up to 20 human skulls found in man's discarded bags, home in New Mexico
- Downton Abbey's Michelle Dockery Marries Jasper Waller-Bridge
Ranking
- 'Gladiator 2' review: Yes, we are entertained again by outrageous sequel
- Not RoboCop, but a new robot is patrolling New York's Times Square subway station
- Ukraine targets key Crimean city a day after striking the Russian navy headquarters
- Workers uncover eight mummies and pre-Inca objects while expanding the gas network in Peru
- Darren Criss on why playing a robot in 'Maybe Happy Ending' makes him want to cry
- Europe claws back to tie 2023 Solheim Cup against Americans
- Virginia shooting leaves 4 kids, 1 adult injured: Police
- Uganda’s president says airstrikes killed ‘a lot’ of rebels with ties to Islamic State in Congo
Recommendation
-
Suspected shooter and four others are found dead in three Kansas homes, police say
-
Phil Knight, Terrell Owens and more show out for Deion Sanders and Colorado
-
UK regulators clear way for Microsoft and Activision merger
-
Mel Tucker changed his story, misled investigator in Michigan State sexual harassment case
-
Caitlin Clark's gold Nike golf shoes turn heads at The Annika LPGA pro-am
-
Back in full force, UN General Assembly shows how the most important diplomatic work is face to face
-
Mexican president wants to meet with Biden in Washington on migration, drug trafficking
-
Tropical Storm Ophelia weakens to a depression