The White House publishes a roadmap for mitigating risks posed by cryptocurrencies and urges Congress to hasten efforts to create a crypto regulatory framework
Four senior Biden officials penned a note Friday urging lawmakers to hasten their efforts to create a regulatory framework for crypto. Source: The White House .
Treasury’s reported warning that crypto’s financial risks outweighed its benefits supplied the risk rationale for the administration’s increasingly formal approach.
First-order effects
Congress faces renewed White House pressure to turn agency recommendations and risk-mitigation priorities into a statutory crypto framework.
Second-order effects
Federal agencies’ existing crypto recommendations gain a clearer legislative endpoint, sharpening the divide between executive-branch guidance and rules Congress must enact.
Third-order effects
If this sequence holds, US crypto oversight will shift from agency-led studies and frameworks toward a legitimacy test set by whether Congress can establish durable statutory rules.
The trend: US crypto policy is progressing from executive-branch risk assessment toward a congressional framework intended to formalize the sector’s oversight.
The Crypto statement from the Whitehouse is absolutely atrocious and the best word salad I have seen in 2023 Action > Words https://www.whitehouse.gov/...
US gov announces plan to tighten crypto regulations following #FTX & #TerraLuna collapses. A two-pronged approach for safe dev & increased enforcement. Read the press release👉🏻https:// www.whitehouse.gov/... #3AC #Voyager #BlockFi #Bankruptcy
“The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible” ...Just wait til they learn about the lightning network. https://www.whitehouse.gov/...
3 PRESS RELEASES RELEASED SIMULTANEOUSLY TODAY:🤔 * White House issues anti-crypto statement: https://www.whitehouse.gov/... * Fed announces denial of @custodiabank membership application (NOT master account tho); * Fed releases new guidance on banks in crypto: https://www.federal…
The White House just issued a statement on its roadmap to alleviate risks in the #cryptomarket - it is not unreasonable but is definitely attributable to the fallout from the FTX scandal. https://www.whitehouse.gov/...