The White House reported that it will announce a list of priorities for research and development on digital assets in the coming months.
There was talk of the collapse in 2022
In the statement, which came at around 18:45 CEST, it was emphasized that 2022 was a difficult year for cryptocurrencies, with a stable coin crashing in May, emphasizing that this collapse had little negative impact on the financial system. It was also noted that the government is focused on ensuring that cryptocurrencies do not undermine financial stability, protecting investors and continuing to take action against bad actors.
The ‘priorities list’ will be announced in the coming months
In the statement, the work done by the Biden administration on cryptocurrencies was also cited and said:
“However, the events of the past year show that more is needed. Institutions have stepped up their anti-fraud efforts, including the rise of false and misleading claims that cryptocurrencies are FDIC-insured. While the United States is the global leader in combating money laundering and terrorist financing, law enforcement devotes more resources to combating illegal activities involving digital assets. In the coming months, the Management will also announce its research and development priorities regarding digital assets, helping to protect consumers.”
Requests from Congress
The White House also stated that Congress should increase its work on the issue. Congress has been asked to expand the powers of regulatory agencies such as the SEC or the CFTC. It was noted that this would prevent misuse of customers’ assets and reduce conflicts of interest. In addition, it was stated that Congress could make the transparency and disclosure requirements for crypto companies even stronger and increase the penalties for illegal finance crimes.
