US President Joe Biden is in a new preparation to combat illegal finance and work on the digital US dollar. The White House has issued a call to all government departments, asking them to coordinate a fragmented approach to the new asset class up to this point.
US to Prioritize Digital Assets
The Biden Administration will announce its priorities for research and development of digital assets in the coming months, according to a statement made by senior officials in the US, including National Economic Council Chairman Brian Deese and National Security Advisor Jake Sullivan.
U.S. officials urge all agencies to continue their efforts to increase enforcement and, where necessary, cryptocurrency considers that they should publish new guidelines for their units. These new guidelines, on the other hand, focus on assets that protect customers rather than risky assets.
New Guidelines for Crypto Businesses
The statement also recommended that Congress develop transparency standards for crypto-centric businesses, deter penalties for illegal money management, and cooperate more closely with foreign security forces. In addition, officials advised against Congress’ decision to give the green light for mainstream institutions such as pension funds to jump into the cryptocurrency markets when formulating new crypto regulations.
. While FTX wasn’t specifically mentioned in the statement, the impact of FTX is “a tough year for cryptocurrencies,” as officials defined 2022 by the collapse of a “major cryptocurrency exchange” and the collapse of an algorithmic stablecoin that hints at Terra’s UST. His recommendation, which he described as