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US President Joe Biden to Unveil Plan for Safe and Responsible Development of Crypto

1 min
Updated by Ali M.
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In Brief

  • US President Joe Biden has taken notice of the risks posed by the crypto market in 2022.
  • The Biden Administration has developed a framework for developing cryptocurrencies in a safe and responsible manner.
  • Congress is being urged to step up efforts to prevent misuses of customers' assets and to mitigate conflicts of interest.
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2022 was a difficult year for the crypto market, with several companies experiencing insolvency and collapse.

The Biden Administration has taken notice of the risks posed by this behavior and is taking steps to ensure that cryptocurrencies do not undermine financial stability and protect investors from bad actors.

US President Joe Biden to Regulate Crypto

The 46th and current president of the United States and his administration have been working on framework for developing cryptocurrencies in a safe and responsible manner, while also addressing the risks they pose. This includes identifying issues such as companies ignoring financial regulations and basic risk controls, as well as poor cybersecurity in the industry.

Agencies are also ramping up enforcement and issuing new guidance to address these issues.

In addition to the actions taken by the Biden Administration, Congress is being urged to step up efforts to prevent misuses of customers’ assets and to mitigate conflicts of interest. This includes expanding regulators’ powers, strengthening transparency and disclosure requirements, and funding greater law enforcement capacity building.

Still, the Administration has warned against legislation that would allow mainstream institutions, such as pension funds, to heavily invest in the crypto market. They believe this could worsen risks to investors and the financial system.

Overall, the US President Joe Biden supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible. His administration will continue to work towards putting the right safeguards in place to ensure that the new digital economy works for everyone.

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This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

Ali Martinez has been at the forefront of content creation and market analysis in the cryptocurrency industry since its early days. His journey began with reporting on market trends and price movements, and he quickly established himself as an authority in the field. Ali has covered significant developments in the cryptocurrency market, including market booms, regulatory changes, and major technological advancements. His deep understanding of blockchain technology and market trends has...