The White House just released "The Administration's Roadmap to Mitigate Cryptocurrencies' Risks"
Here are a couple key highlights I took away...
"As an administration, our focus is on continuing to ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable."
"experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose. To be sure, the technologies powering cryptocurrencies may offer ways to make payments faster, cheaper, and safer. "
This next one 100%... This should have happened yesterday!
"Congress, too, needs to step up its efforts. For example, Congress should expand regulators’ powers to prevent misuses of customers’ assets—which hurt investors and distort prices—and to mitigate conflicts of interest."
"Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets. "
This part was a little reassuring...
"It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system."
Then it ends with...
"The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible. Yet to realize these benefits, new technologies need commensurate safeguards. Safeguards will ensure that new technologies are secure and beneficial to all—and that the new digital economy works for the many, not just the few. To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals."
Not sure if this is a good thing or a bad thing. Looks like they want to take a practical and sensible approach. I truly hope they do. I don't have much confidence in anything they take on. Anyway, here's the link if you want to read it for yourself. Looks like regulation is coming, hopefully it will be practical and common sense regulation.
#bitcoin #cryptocurrency #SoMee #Hive
https://www.whitehouse.gov/nec/briefing-room/2023/01/27/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks/
The White House just released "The Administration's Roadmap to Mitigate Cryptoc
Hopefully crypto restrictions will beboutdate soon
We pray that this new rullout will be good for the crypto market and those who make a thing and run away with people's money should be dealt with properly.
I agree. I just hope it's not too heavy handed. Hopefully it will be fair and common sense regulation.
😉👍 it all sounds real encouraging.. i hope they follow through now..
We'll see. I'm not super optimistic. 😬 Fingers crossed 🤞
Not so sure the current economy does this.
They used mostly common economy buzz words, but didn't really say much overall. Time will tell what the concrete plan of action is.
Yeah, it's going to be really interesting to watch this all unfold. I'm really cautious. I mean they're doing such a stellar job to start with Gensler and the SEC... SMH. I guess time will tell.