Biden's Crypto Clampdown Warns Digital Assets.
Due to all the volatility in the cryptocurrency market, which has already lost over $1 trillion,
as well as the dangers of fraud and other illegal activity, the U.S. government hasn't been a fan.
The White House has finally unveiled a detailed framework that aims to control the future of digital assets
in every way after years of vigorous lobbying and concerns expressed by agencies.
The emphasis is on encouraging private sector research, developing digital assets responsibly, and boosting cross-agency cooperation in general.
One of the most striking features of the White House framework mentions that President Joe Biden is thinking about requesting Congress
to change the Bank Secrecy Act and other relevant regulations in order to include digital assets.
Congress may also debate raising the penalties for unauthorized money transfers to the same standard as other money laundering-related offences.