While new reports lay out all the different ways crypto has gone wrong, it doesn’t do much to offer new solutions to long-existing problems.
Citing a global market cap of $3 trillion and the 16% of U.S. adults who have bought in, the Biden administration said that they need to introduce some sort of regulatory outline especially since the crypto crash this past May cut off millions of people from their crypto investments and subsequently put the entire industry into a lingering crypto winter.
Perhaps the most interesting move to come from Biden’s executive order directs the Department of the Treasury to really hash out the possibility of a kind of “Central Bank Digital Currency,” practically pulling a move akin to Xzibit telling you “ , I put some centralized currencies in your decentralized currencies so when you stick it to centralized banks you can use a centralized bank.”ongress to apply laws against unlicensed money transmitting to apply to crypto. It also mentions the Bank Secrecy Act could apply to crypto exchanges and NFT platforms, forcing these lenders to report suspicious transactions to the treasury department.
of reports dealing with crypto published Friday mostly encourages financial law enforcement to use “already issued guidance” to deal withconsumers and the markets. Well, they do recommend establishing “a federal framework for payments regulation” and encouraging “use of instant payment systems,” which if you’re already into so-called “
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