Biden’s administration announced on January 27 that it will launch a new legal framework for cryptocurrencies in the next few months to fight fraud cryptocurrency Several items that impacted the crypto market last year
According to the statementpublishThe White House said, “2022 has been a difficult year for Therefore, this new regulatory framework will aim to ensure that cryptocurrencies will not be able to undermine the financial stability of the United States.
Among the measures Congress may take include expanding the powers of regulators. to prevent misuse of assets, strengthen transparency and disclosure for crypto companies, and toughen penalties for violating rules regarding illegal funding, among others.
It also seeks to protect investors through new requirements for criminal offenders. Although these measures are not yet 100% considered in the new regulatory framework. But it also shows that regulators won’t allow malicious actors to go unpunished.
The White House reiterated that President Biden is working to avoid new scams similar to the FTX story that has cost thousands of Americans millions of dollars in losses.
Management is committed to protecting American investors and consumers from fraud and financial crime. It is also working with international partners to combat the use of cryptocurrency illegally
and to achieve this goal The management will work to strengthen the regulatory structure regarding digital assets and cryptocurrencies. This includes strengthening anti-money laundering (AML) and KYC requirements, as well as implementing other measures to protect consumers and investors.
The White House also emphasized that it will work with Congress to provide additional regulatory and law enforcement tools to better protect American consumers and investors.
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