REVEALED: The White House's Roadmap for Mitigating Cryptocurrency Risk
Is the White House going to give clarity on crypto regulation??
In this video, we dive into the White House's released roadmap to mitigate cryptocurrency risks.
On January 27, 2023, the White House published an article titled “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks.” The roadmap, speaking on the performance of cryptocurrency in 2022 and its effect on everyday investors and the economy, calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the crypto sector.
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The roadmap addresses the need for more effort from key players to make cryptocurrency safe for the everyday person and prevent economic turbulence. The roadmap addresses the turbulence of 2022’s cryptocurrency scene and how it affected everyday investors, “including young people and people of color.” However, it also acknowledges that the turbulence did not affect the broader economy significantly, but to prevent this from eventually happening, the government must “ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable.”
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The roadmap implores Congress to create more regulations to protect crypto consumers. For example, Congress can expand regulators’ powers to prevent misuse of customers’ assets, strengthen transparency and disclosure requirements for crypto companies, strengthen penalties for violating safety regulations, and fund greater law-enforcement capacity building.
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