Last Minute: Cryptocurrency Statement Published From The White House! Bitcoin Reacts!

From the US White House cryptocurrencies published a statement on the subject. According to the statement, the Biden administration will announce its digital asset priorities in the coming months.

White House Releases A Cryptocurrency Themed Text

The outline of the published text is as follows:

“2022 has been a tough year for cryptocurrencies. In May, a coin called the “stablecoin” exploded, sparking a wave of bankruptcies. Just months later, a major cryptocurrency exchange crashed.

Many ordinary investors, including young people and non-whites, who rely on crypto companies have suffered serious losses, but fortunately, the turmoil in the cryptocurrency markets has had little negative impact on the wider financial system to date.

While cryptocurrencies are relatively new, the behaviors we see some crypto companies display and the risks posed by these behaviors are not new.

As management, our focus is on continuing to ensure that cryptocurrencies do not undermine financial stability, protect investors and hold bad actors accountable.”

The text discusses the challenges facing the cryptocurrency market in 2022, including the collapse of a stablecoin and a major cryptocurrency exchange.

of bitcoin Here’s a chart showing the decline after the White House’s announcement.

The administration, led by US President Biden, is working to identify and mitigate the risks posed by cryptocurrencies, including financial regulations and risk controls, consumer fraud, and weak cybersecurity issues.

The paper suggested that more needs to be done, including expanded regulatory powers, stronger transparency and disclosure requirements, and increased penalties for illegal activities.

The post also states that Congress must act to address these issues, but warns against legislation that would deepen ties between cryptocurrencies and the wider financial system. The Biden administration, according to its statement, supports responsible technological innovations but wants to ensure that they are safe and beneficial for everyone.

*Not investment advice.

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