The White House has released a new document that will be presented to president Joe Biden. The paper is a roadmap with several ways the current administration can evade several crypto investments risks. A larger part of the document was addressed to Congress to help them create better legislative regulations throughout the administration’s tenure. The White House paper authors established two detailed processes that could help spur legislation forward.
The White House document addresses Congress
In the details of the document, the authors said they looked into several risks tied to trading crypto in the last few years. With this knowledge, they can help the government’s executive branch devise measures to reduce the ills. The first part of the White House paper talked about a full framework. It also spoke about several aspects which would help the country in development.
The second aspect talked about the increase in agencies and regulators enforcing regulations. The statement also mentioned that they are working on several public projects to educate the public about the risks of holding the assets. One highlight of the White House paper was the commendation of regulators in the banking space. The authors urged them to keep up the good works.
Authors are against pension funds dealing in crypto
Another part of the paper listed some actions the Congress can carry out. The White House also highlighted some particular tasks for the legislative branch. Some duties include creating enabling environment for regulators by increasing their jurisdiction, expanding disclosure requirements, and others.
The document also talked about funding for officers of law enforcement agencies, penalties for misdeeds, and using the Financial Oversight report. Asides from these, the paper also urged Congress to desist from doing some things. The highlight of this aspect was for the Congress not to approve financial firms like pension funds going into crypto. The document explained that eliminating this possibility will enable curb the fear of crypto that have since spread into the broader market.
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