CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
  • Opinions
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
Home » Crypto News » Biden Administration Pitches for Regulation and Strict Oversight of Crypto 

Biden Administration Pitches for Regulation and Strict Oversight of Crypto 

Author: Arun Srivastav

Last Updated Sep 16, 2022 @ 15:00

While the Treasury will lead a team of government departments on CBDC, the White House has stopped short of endorsing a digital dollar. 

In a series of reports, the Joe Biden administration on Friday has offered its response to the President’s executive order on cryptocurrencies – Ensuring Responsible Development of Digital Assets – issued earlier this year, media reports said.

Here is all that you need to know about the Biden administration’s Friday reports:

  • The Joe Biden administration has asked the enforcement agencies to strictly pursue the digital asset sector and identify gaps in regulations. It also urged regulators such as the SEC and the CFTC to issue guidelines for potential risks of digital assets such as money laundering and fraud.
  • Despite a growing role, cryptocurrencies have the potential to be misused. They can global harm global finance, claimed the report.
  • Director of the National Economic Council Brian Deese said, if left unregulated, cryptocurrencies can harm financial stability and national security:

“Regulation of cryptocurrencies is needed if digital assets are going to play a role that we believe they can in fostering innovation and supporting our economic and technological competitiveness,” he said.

  • Although the Treasury Department will helm the efforts toward CBDC by leading concerned government agencies, the White House has not clearly approved the idea of a digital dollar as of now, in line with Biden’s executive order in March – Responsible Development of Digital Assets.     
  • Treasury Secretary Janet Yellen hailed innovations in the digital asset sector but cautioned that inadequate regulations can cause significant harm to the financial system and people. 

“Innovation is one of the hallmarks of a vibrant financial system and economy, but as we’ve painfully learned from history, innovation without adequate regulation can result in significant disruptions and harm to the financial system and individuals,” Yellen told media persons.

  • The White House said the President might consider asking Congress to amend the Bank Secrecy Act (BSA) to include crypto exchanges, NFT platforms, and other service providers under its purview. One of the BSA requirements for lenders is to report suspicious transactions to the Treasury. 
  • The President could also consider government recommendations to institute a federal framework to regulate non-bank payment providers.   
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

You Might Also Like:

  • Liz Truss
    UK's New Prime Minister Advocated for Pro-Crypto Regulations
  • UKUnitedKingdom
    Here's How the UK Plans to Close the Regulatory Vacuum in Crypto
  • voyager_defaultnotice_cover
    After Suspending Withdrawals, Voyager Digital Files for Chapter 11 Bankruptcy
Tags: Regulations United States
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Arun Shrivastav
More posts by this author

After being in the mainstream print media for over 10 years, Arun has been active in digital media. He joined the crypto industry in 2017 and since then, covering blockchain news. Besides news, he likes to blog about digital marketing. Contact: LinkedIn

  • bitcoin
    BTC$38,386.00
  • ethereum
    ETH$2,077.90
  • Join Our Community

    FacebookX YouTubeTelegram


    Editorials
    Could the Blockchain Disrupt Big Data in the E-commerce Industry?

    Could the Blockchain Disrupt Big Data in the E-commerce Industry?

    Binance’s New CEO Richard Teng: The Key Factors That Will Drive Mass Adoption in 2024 (Interview)

    Binance’s New CEO Richard Teng: The Key Factors That Will Drive Mass Adoption in 2024 (Interview)

    How Bitcoin Can Be a Lifeboat for People in Third World Countries: Interview with Ledn’s Mauricio Di Bartolomeo

    How Bitcoin Can Be a Lifeboat for People in Third World Countries: Interview with Ledn’s Mauricio Di Bartolomeo

    What 600 Startup Applications Tell About Blockchain & AI in 2024

    What 600 Startup Applications Tell About Blockchain & AI in 2024

    Bitcoin, Security, and the Future of Crypto: Interview with Jameson Lopp (Bitcoin Amsterdam 2023)

    Bitcoin, Security, and the Future of Crypto: Interview with Jameson Lopp (Bitcoin Amsterdam 2023)

    Zero-Knowledge (ZK) 101: Everything You Need to Know About ZK Proofs

    Zero-Knowledge (ZK) 101: Everything You Need to Know About ZK Proofs

    Potential Implication of SBF Verdict on Crypto Leaders

    Potential Implication of SBF Verdict on Crypto Leaders

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!