Stablecoin collapse, especially TerraUSD, crypto firms’ insolvency, the downfall of crypto exchanges, and lack of enough cybersecurity in the crypto industry have prompted the White House to release a roadmap to mitigate the risks of cryptocurrencies.
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Biden’s Administration Releases Roadmap to Mitigate Crypto Risks
In order to protect investors, hold bad players accountable, and ensure that cryptocurrencies do not undermine financial stability, President Biden’s administration released a roadmap to mitigate the risks associated with digital currencies on January 27.
The roadmap cited various events that have led to investors losing their money in the crypto industry including the activities of North Korean cyberpunks who hack crypto projects for the North Korean government in order to fund its missile program.
The current administration in the post said it has been working on identifying the risks of cryptocurrencies and the administration is ready to reduce the risks it poses using executive power.
“At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has,” the post reads.
The first is that experts in the current administration have laid out a framework for developing digital assets safely and responsibly while addressing the potential risks.
Furthermore, the White House added that concerned agencies across the US are using their power to ramp up enforcement where appropriate and as well issue new guidance where necessary.
“Agencies across government have launched—or are now developing—public-awareness programs to help consumers understand the risks of buying cryptocurrencies,” as per the blog post.
The blog post furthered by urging the concerned agencies to up their effort in fighting fraud in the industry, adding that congress should step up by providing clear legislation that will expand regulators’ powers to prevent misuse of customers’ assets which hurt investors and distort prices.
The blog post concluded by making it clear that the administration supports technological innovations that will improve the current financial system.
“The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible,” the post reads.
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