- The Biden administration is studying more ways to tighten the crypto regulation to protect its investors.
- The task force of the new crypto regulation involves different federal regulators in the country
The Biden administration is studying and looking for more ways to tighten the crypto regulation to protect its investors. Specifically, this initiative that the administration is pushing aims to stop illegal activities involving cryptos. Above all, the authority is looking closely on the possibility that crypto may or can be used to fund terrorism.
This is made senior economist in the Obama administration Jason Furman react:
I wish we had smothered this a decade ago before it grew into a $2 trillion monster. Digital currencies are all cons and no pros — environment, crime, volatility, taking advantage of unaware investors. If they had any use at all, we could debate it. But they don’t have any use at all.
Furthermore, to make the regulation more effective, it is joined by various federal regulators in the country. For example, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), were also involved aside from the administration officials.
Moreover, in the past few days, the U.S. Department of the Treasury has officially announced measures to stop the tax evasion in the country which involves cryptocurrency. As a result, all businesses that received a crypto with a value higher than $10,000 must report their transaction to the IRS.