White House Released a Report on Crypto Regulations

by in Cryptocurrency News

White House cryptocurrencies

The Biden administration issued a framework on crypto regulations in the US. The report explores ways how the financial services industry should evolve to make borderless transactions easier and how to fight crypto crimes. It considers existing regulators like the SEC and the CFTC, but there isn't a defined regulator yet.

Related: White House Report Analyzes Bitcoin Mining and Its Impact

Previously, in March, President Biden issued an executive order calling on federal agencies to explore the risks and advantages of cryptocurrencies and report the study results.

Director of the National Economic Council Brian Deese and National Security Advisor Jake Sullivan said in a report that the US aims to position the country as a leader in governance of the digital assets ecosystem.

Consumer protection and financial stability are among the main points of the report. Regulators put forward a series of recommendations that will guide the Biden-administration policy on digital assets going forward.