The White House has published a new “roadmap” for cryptocurrencies aimed at mitigating risks associated with digital assets.
The document has been signed by outgoing National Economic Council Director Brian Deese, Council of Economic Advisors Chair Cecilia Rouse and National Security Advisor Jake Sullivan.
The statement outlines a more cautious and strict approach toward cryptocurrencies than U.S. President Joe Biden’s previous executive order on crypto issued in March 2021.
The new document on crypto comes after several high-profile failures and bankruptcies in the sector in recent months, notably the $8 billion U.S. collapse of crypto exchange FTX.
President Biden has been lobbying Congress to close regulatory gaps within the cryptocurrency sector to better protect retail investors and their capital.
The newest statement on crypto leans heavily on the White House’s previous announcements related to digital tokens, such as the framework on digital assets, and statements published by departments within the federal government – including a joint statement from bank regulators that was recently published.
The new White House statement also calls for “responsible innovation” and the need for greater safeguards on all cryptocurrencies.
This week (February 6 through 10) includes four hearings on crypto in Washington, D.C., including a hearing on FTX and one on bankrupt crypto lender Celsius.
