Guardrails can be imposed on Cryptocurrencies by Biden Administration
The Cryptocurrency market has shown investment potential. However, there still lies questionable doubts about the regulatory policies it is following and how they can affect the international market.
In The Washington Post, a report published on 25th May stated how the U.S. Department of Treasury has briefed Biden Administration about the many risks associated with cryptocurrencies.
The discussions are on amongst the officials to impose the guardrails on average retail cryptocurrency. This would be done majorly to ensure greater security and protection even though it allows dogecoin to work and flourish.
The White House under Biden’s guidance is currently looking at the regulatory gaps in the cryptocurrency market which can lead to money laundering, financing terrorism, and more. Currently, they are investigating the matter to understand the depths of the Cryptocurrency reach before they can impose any guardrails. However, there lies a cloud of doubt as to how much cryptocurrency can help flourish and help the country or not. As per Biden’s Administration, the risks involved in cryptocurrency are higher than anticipated for now.
U.S. Today further had reported that in the Internal Revenue Service or IRS, Biden’s Administration is seeking to double the staff. This is to be done for the sole reasons of monitoring the cryptocurrency market and understanding the various implications of it.
The Cryptocurrency market had seen a massive crush in the last week. However, this uneven trend is not a concern for the federal regulators for now.
Also Read: Should You (Still) Invest in Bitcoin at $50,000+?
