The White House published a statement warning about the risks of cryptocurrencies, pointing to last year’s various collapses. nikhileshde spoke to an administration official about the statement and what it means in this week's State of Crypto newsletter.
The statement opened with a brief summary of “a tough year” for crypto, referencing the collapse of Luna and FTX but noting there did not appear to be any contagion from the crypto industry to the broader financial ecosystem.
“We're hopeful that Congress will take strong action addressing needs in this space, but we're continuing to push forward on the administrative front, implementing a lot of the [executive order] recommendations as well as encouraging regulators … to continue their efforts to ramp up enforcement and crackdown on bad practices in the space,” the official said, calling the approach “dual tracked.
Last week’s statement pointed to the White House’s previous announcements, like the framework on digital assets, and statements published by departments within the federal government – including a joint statement from bank regulators, also published last week.
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