Biden Administration, cryptocurrency oversight, Cryptocurrency regulation, investor protection, Janet Yellen, Joe Biden, SEC, Treasury, treasury department

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets.

Biden Administration Discussing Crypto Regulation

The Biden administration, lawmakers, and central bankers have held numerous meetings amid recent volatility in the crypto market, the Washington Post reported Tuesday.

White House officials were briefed by the Treasury Department about the risks posed by cryptocurrencies earlier this month, the publication cited two people familiar with the matter. Federal regulators, including the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), were also involved.

Officials of the Biden administration are studying potential “gaps†in oversight related to the cryptocurrency market, such as whether cryptocurrencies can be used to finance illicit or terrorism activities, the people said, adding:

The Treasury Department recently unveiled Biden’s tax proposal, including requiring businesses to report crypto transactions of more than $10K to the Internal Revenue Service (IRS) as part of a broader effort to crack down on tax evasion.

Federal regulators currently do not see the volatility in the crypto market as a threat to the broader financial market stability but believe that the risks are worth monitoring.

Administration officials are discussing whether crypto oversight can be heightened while still allowing investors to “dogecoin to their heart’s content,†one person briefed on the matter described, elaborating:

Meanwhile, central bank officials and congressional lawmakers have talked more frequently about policies that could significantly change the crypto market. The House has passed bipartisan legislation, which has been sent to the Senate, instructing federal regulators to study and clarify rules for cryptocurrency. Bitcoin News reported Wednesday that federal regulators are working together to achieve this goal. According to Federal Reserve Vice Chair of Supervision Randal Quarles, this matter is of “high priority.â€

The recent market instability has compounded existing concerns about cryptocurrency, including the environmental effect of bitcoin mining. Government officials also think cryptocurrency makes it easier for criminals to transfer money without detection.

Jason Furman, a senior economist in the Obama administration, was quoted by the news outlet as saying:

Meanwhile, the new chairman of the U.S. Securities and Exchange Commission (SEC) said that more investor protection is needed and crypto exchanges need more regulation. He revealed last week that he has asked Congress to weigh in on this issue. However, Congressman Jim Himes said that Congress is not ready to take action on cryptocurrency and in his opinion, no crypto registration will be passed by Congress anytime soon.

John Fagan, a former director of the U.S. Treasury’s Markets Room and now principal of Markets Policy Partners, said the Biden administration is likely to look at cryptocurrency issues with a focus on problems caused by money laundering, tax evasion, and investor protection. He expects the Treasury to concentrate on the first two issues while the SEC on the latter.

What do you think about the Biden administration’s push for more crypto oversight with the aim to protect investors? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Two U.S. senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks. “We haven’t figured out in the country or in the world how to trace cryptocurrency,†one senator said, adding that “We’ve got to do a better job here.†Senators Urge Lawmakers […]

Xem chi tiết: US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Biden Makes Cryptocurrency a Focus of New Anti-Corruption Directive for National Security

Cryptocurrency is a point of focus in President Joe Biden’s new directive aimed at combating corruption as a core national security interest of the U.S. An official of the Biden administration says that major parts of the directive will focus on cryptocurrency and cybercrime. Crypto a Focus in Biden’s New Directive for National Security President […]

Xem chi tiết: Biden Makes Cryptocurrency a Focus of New Anti-Corruption Directive for National Security

Biden Makes Cryptocurrency a Focus of New Anti-Corruption Directive for National Security

Cryptocurrency is a point of focus in President Joe Biden’s new directive aimed at combating corruption as a core national security interest of the U.S. An official of the Biden administration says that major parts of the directive will focus on cryptocurrency and cybercrime. Crypto a Focus in Biden’s New Directive for National Security President […]

Xem chi tiết: Biden Makes Cryptocurrency a Focus of New Anti-Corruption Directive for National Security

Biden Administration Expanding Cryptocurrency Analysis to Find Criminal Transactions

The U.S. government is expanding its cryptocurrency analysis in a strategy to find and pursue criminal transactions. This comes in the wake of a rising problem of ransomware involving cryptocurrency, such as bitcoin. “Combating ransomware is a priority for the administration,†said a spokesperson for the White House. US Government to Expand Cryptocurrency Analysis The […]

Xem chi tiết: Biden Administration Expanding Cryptocurrency Analysis to Find Criminal Transactions

Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

The Swedish central bank’s governor says bitcoin will face tougher regulation given its sheer popularity that continues to grow. “When something gets big enough, things like consumer interests and money laundering come into play,†said Stefan Ingves, Governor of the Riksbank. Tougher Regulation Expected for Bitcoin Stefan Ingves, the governor of Sweden’s central bank, the […]

Xem chi tiết: Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

Rumors of a fourth and possible fifth round of direct stimulus checks have become a hot conversation topic this week, as lawmakers are urging the President to act. Over 80 U.S. legislators have sent letters to President Joe Biden and Vice President Kamala Harris asking the administration to push forward direct economic stimulus payments and […]

Xem chi tiết: Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

US Senator Urges Treasury Secretary Yellen to Take Action on Cryptocurrency Scams to Protect Investors

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

Whistleblower Edward Snowden Says $6 Trillion in Stimulus Is ‘Good for Bitcoin’

Whistleblower Edward Snowden Says $6 Trillion in Stimulus Is ‘Good for Bitcoin’

Fund Manager Wisdomtree Files With SEC to List Ethereum ETF on Cboe BZX

SEC Urges Congress to Pass Cryptocurrency Legislation to Protect Investors

White House Defends Trillion-Dollar Stimulus While Jamie Dimon and Larry Summers Warn of Runaway Inflation

Bank of England Governor Bailey Says Cryptocurrencies Are ‘Dangerous’

Other Articles