White House Studying Gaps in Oversight of Cryptocurrency
President Biden’s administration has been briefed by Treasury Department officials about the risks brought about by cryptocurrency.
As the world of cryptocurrency continues to grow and evolve, so do the challenges in mitigating the risks involved in digital currency. According to the Washington Post, the White House has been working with officials from the Treasury Department to highlight and study the bigger issues surrounding crypto and how best to tackle them.
Federal regulators from the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB) are also getting involved.
White House officials contemplate issues surrounding crypto trading
The goal of these studies is to identify potential gaps in oversight such as whether cryptocurrencies can be utilized to fund illicit, illegal, or even terrorist activities. Additionally, one of the major reasons…