The FTX scandal has roused the Biden administration from its slumber. In his eyes, the regulation of cryptocurrencies has become more than a priority. Fortunately, the POTUS entourage does not seem ready to banish this new type of asset. Because the strengths of cryptocurrencies are not lacking, to name only its ability to ” advancing inclusion » or to « grow the economy “.
Cryptocurrencies, the United States forced to deal with?
Once upon a time, bitcoin traded at $69,000 per unit. On occasion, the cryptocurrency market has reached a valuation of over $3,000. But after the Terra and FTX storms passed, that figure was reduced to $1,000. Given the importance of this industry, the Biden administration does not want to sit idly by. He absolutely needs a prudent regulation » cryptocurrencies.
” White House: Bitcoin and cryptos can ‘grow the economy, advance inclusion and help human rights defenders. »
In information request on its digital asset research agenda, the White House urges relevant stakeholders to provide feedback. In this way, she can make adjustments to her ” very first » comprehensive framework for the responsible development of cryptocurrencies. And subsequently, achieving the goal of the Presidential Decree issued in March of ” Ensure responsible development of these.
Some details on the priorities of White House researchers
As stated in Bitcoin Magazine’s tweet, the White House is well aware of the real strengths of bitcoin and other cryptocurrencies. Thus, six priority sections were highlighted in the invitation to comment:
- the purposes, sectors or applications that could be enhanced through digital assets and related technologies;
- the purposes, sectors or applications for which the digital assets introduce risk or harm;
- federal research opportunities that could be introduced or modified to support efforts to mitigate digital asset risks;
- research and development (R&) which should be prioritized for digital assets;
- opportunities to advance responsible innovation in the digital asset ecosystem;
- other information that should inform the R&D agenda.
To see this information, the White House has not chosen the repressive path of China vis-à-vis cryptos. It remains to be seen whether Joe Biden will prolong the establishment of regulations, whatever their nature.
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