Washington has long struggled to strike a balance between cracking down on market abuses and encouraging a fast-growing industry that could have major economic and national security implications. While regulators have brought some cases against large crypto firms, the industry has fought back by raising significant legal challenges.
Thus far, US oversight also has been marked by a patchwork of overlapping approaches and jurisdictional battles. The conclusions released on Friday by the White House follow months of reviews by agencies that were required in a March executive order.
While the Biden administration called for a range of actions by government agencies, it stopped short of drawing many firm conclusions and in several cases simply called for more review.
For example, on the hot-button issue of the
“The administration encourages the Federal Reserve to continue its research and experimentation,” National Economic Council Director
The administration also laid out plans to explore how crypto-related technologies could bolster financial inclusion. Biden would weigh recommendations for a federal framework for overseeing nonbank payment services, the White House said.
Meanwhile, the White House urged the
“Innovation without adequate regulation can result in significant disruptions and harm to the financial system and individuals,” Treasury Secretary
Friday’s report follows a related White House
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