Biden Administration Releases Framework for Crypto Regulation

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The Biden administration on Friday issued its long-awaited framework for mining the potential regulation of cryptocurrencies, including how best to bring stability to the growing industry and protect American businesses and mining consumers from currency crashes and fraud.

The first-ever guidelines follow President Joe Biden’s  that called on government agencies to evaluate the risks and benefits of digital assets, including cryptocurrencies, and to explore the possibility of creating a US , a type of government-controlled cryptocurrency. A total of nine reports from agencies have been submitted in the six months since. 

The include encouraging the Federal Reserve to continue its research into whether a central bank digital currency would be feasible. In addition, the Biden administration will launch an interagency working group to support the Fed’s efforts by considering policy implications of that potential, especially in regard to national security. 

At the same time, the administration says it will put in place a plan for stopping the use of crypto for crimes like money laundering and the financing of terrorism by making it easier for the government to track, trace and stop illicit cryptocurrency use, while also boosting the enforcement of sanctions.

Crypto has long been the payment form of choice of cybercriminals, because it’s designed to be largely anonymous and nearly impossible to track. 

The administration also wants to better protect consumers, currency investors and businesses by encouraging regulators like the Securities and Exchange Commission and Commodity Futures Trading Commission to aggressively investigate allegations of crypto-related crimes.

It also wants agencies including the Consumer Financial Protection Bureau and Federal Trade Commission to focus more on crypto-related consumer complaints and to take enforcement actions against those who target consumers.

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