The White House has called on Congress to improve its efforts in setting up crypto regulation, to better control this rapidly-evolving technology.
Need For Effective Regulations
In a statement released by the Office of the Press Secretary, the White House acknowledged the growing utilization of cryptocurrencies and the pressing need for Congress to address the potential risks and benefits of this technology.
The statement recognized the fringe benefits of cryptocurrency, such as increased financial inclusion and more efficient financial transactions.
However, it also stressed on the potential risks, including fraud and the funding of illicit activities. The White House emphasized the need for a strategic and effective approach to regulation that takes into account both the potential benefits and risks of cryptocurrency.
The statement called on Congress to take several specific steps in order to address these risks.
The White House urged Congress to pass legislation to provide effective regulatory clarity for cryptocurrency companies and consumers.
This includes a clear definition of what these cryptocurrencies are, what regulation they are subject to, and what types of activities are considered illegal.
Also read:The White House called on Congress to develop the capacity of law enforcement agencies to combat money laundering and other illicit activities involving cryptocurrency.
This includes providing additional funding for these agencies and providing them with necessary tools and resources to efficiently investigate and prosecute crimes involving cryptocurrency.
The White House lastly called on Congress to collaborate with international partners to build a strategic approach to regulation.
This would include exchange of information and best practices with other countries while working together to combat illicit activities involving cryptocurrency.
Concerns About The Space
The statement from the White House comes amid rising concern about the risks and benefits of the crypto space.
While some see it as a revolutionary technology that could evolve the world and provide new opportunities for economic growth, others are concerned about the potential for money laundering, fraud, and other illicit activities.
The crypto and blockchain industry is rapidly evolving and has the potential to revolutionize various industries and the economy as a whole.
This however brings new challenges to the legal system. The White House’s call on Congress to increase its crypto regulation efforts is a vital step in addressing these challenges and ensuring the benefits of this technology.
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