The White House statement includes recommendations to protect consumers, investors, financial stability, national security and the environment in cryptocurrency regulations.
Cryptocurrency regulation statements from the White House shed light on the steps to be taken.
Statements Received From The White House To Regulate The Crypto Money Market
The spread of cryptocurrencies around the world, the steps taken by corporations in the crypto money ecosystem, and some events in the crypto money world brought up the regulation of cryptocurrencies.
While the circles believed that the USA would be the pioneer in the regulation of cryptocurrencies, the statements made proved this.
Here is the White House statement:
“Digital assets offer potential opportunities to strengthen US leadership in the global financial system and stay on the technological frontier. However, they also pose real risks, as recent events in the crypto markets have proven. The May collapse of a stablecoin and the ensuing wave of bankruptcies wiped out over $600 billion in investor and consumer funds.”
Additionally, the statement included:
“The US CBDC, the digital form of the US dollar, has the potential to offer critical benefits. Reports on digital assets urge agencies to spur innovation by launching private sector research and development and helping cutting-edge US firms gain ground in global markets. At the same time, they call for measures to mitigate downside risks, such as greater enforcement of existing laws and the establishment of discreet productivity standards for cryptocurrency mining.”
In addition to the CBDC, the report also includes the headings of combating illegal finance, strengthening and maintaining the US leadership in the financial field, and promoting financial stability. This report provides us with an idea about the steps that can be taken in the future.
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