The Joe Biden administration has published a roadmap to reduce the risks associated with cryptocurrencies. Most of the document was addressed to the US Congress.
The first and one of the most important points of the roadmap was the creation of the “first ever” full-fledged regulation of digital assets. As part of this paragraph, a draft law on the regulation of stablecoins has already been submitted.
The White House also called on regulators and executive authorities to increase their efforts to oversee the cryptocurrency industry, as well as issue detailed guidelines for its participants. In particular, the roadmap encourages banking regulators to continue their work in this direction.
“Over the past year, we have been identifying the risks that cryptocurrencies pose and working on measures to mitigate them with the help of the executive branch. Congress also needs to pay close attention to this,” the document says.
The White House also recommends increasing the powers of regulators, strengthening disclosure requirements for collateral and other information for cryptocurrency firms, increasing fines and penalties for violations, and adding funding to law enforcement agencies.
“As part of the regulation of the industry, it is necessary to prevent certain types of financial institutions, such as pension funds, from plunging into the cryptocurrency market. This can cause major market fluctuations,” the document emphasizes.
Earlier it was reported that a subcommittee on the regulation of cryptocurrencies will be created in the US Congress.
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