The Biden White House has released a document outlining its framework for regulating cryptocurrencies.Image Credit: Google
Calling for "greater transparency and accountability" in the digital asset space.Image Credit: Google
The paper, titled "A Framework for Regulating Cryptocurrencies," was released on May 21 by the National Economic CouncilImage Credit: Google
And the Treasury Department. It comes as the administration is reportedly mulling over how to crack down on Bitcoin and other digital assets.Image Credit: Google
"The rise of crypto assets and their widespread adoption poses challenges to global asset managers, financial institutions.Image Credit: Google
Regulators that are not adequately equipped to deal with them," the paper says.Image Credit: Google
"This is a rapidly evolving space and we must be nimble to adapt policies and regulations as needed."Image Credit: Google
The paper goes on to call for "greater transparency and accountability" when it comes to crypto assets, as well as "enhanced international cooperation" on regulation.Image Credit: Google
It also calls for more research to be done on the impact of cryptocurrencies on the financial system and the economy as a whole.
So far, reaction to the paper has been mixed.