The Biden administration has instructed U.S. government agencies to double down on bitcoin and crypto enforcement—potentially putting the $1 trillion market on a collision course with regulators...
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agencies to ensure the"responsible development of digital assets" such as bitcoin in the aftermath of a huge crypto price boom and crash.urged regulators including the Securities and Exchange Commission and the Commodity Futures Trading Commission to issue rules for cryptocurrencies. "Digital assets pose meaningful risks for consumers, investors, and businesses," the Biden administration said, adding there are"frequent instances of operational failures, market manipulation, frauds, thefts, and scams."
Research suggests at least $1 billion has been lost to crypto fraud since the beginning of 2021, according to the Federal Trade Commission, with the collapse of major cryptocurrency luna and its linked stablecoin terraUSD adding to fears people could lose their investments. "The reports clearly identify the real challenges and risks from digital assets used for financial services," Treasury secretary Janet Yellen said during a press briefing, it was
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