{"id":10058,"date":"2023-01-29T11:08:12","date_gmt":"2023-01-29T11:08:12","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=10058"},"modified":"2023-01-29T11:08:13","modified_gmt":"2023-01-29T11:08:13","slug":"white-house-publishes-roadmap-to-mitigate-cryptocurrency-risks","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10058","title":{"rendered":"White House Publishes &#8216;Roadmap&#8217; to Mitigate Cryptocurrency Risks"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The White House has published a \u201croadmap to mitigate cryptocurrencies\u2019 risks.\u201d The roadmap calls for <\/strong><strong>authorities to \u201cramp up enforcement where appropriate\u201d and Congress \u201cto step up its efforts\u201d to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions \u201cto dive headlong into cryptocurrency markets.\u201d<\/strong><\/p>\n<h2>\u2018The Administration\u2019s Roadmap to Mitigate Cryptocurrencies\u2019 Risks\u2019<\/h2>\n<p>The White House published a blog post titled \u201cThe Administration\u2019s Roadmap to Mitigate Cryptocurrencies\u2019 Risks\u201d Friday under the National Economic Council (NEC), an Executive Office of the President (EOP) established to advise the president on U.S. and global economic policy.<\/p>\n<p>The roadmap is authored by four White House advisors: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chair Cecilia Rouse, and National Security Advisor Jake Sullivan. The CEA is charged with providing objective economic advice on the formulation of both domestic and international economic policy while the OSTP advises the president on all matters related to science and technology.<\/p>\n<p>The White House advisors detailed:<\/p>\n<p>At President Biden\u2019s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.<\/p>\n<p>\u201cExperts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose,\u201d they added.<\/p>\n<p>The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate disclosures, and committing outright fraud. Moreover, the authors claimed that \u201cthere is poor cybersecurity across the industry\u201d that has enabled North Korea to \u201csteal over a billion dollars to fund its aggressive missile program.\u201d<\/p>\n<p>While encouraging regulators to continue \u201cusing their authorities to ramp up enforcement where appropriate and issue new guidance where needed,\u201d the roadmap authors stressed:<\/p>\n<p>The events of the past year underscore that more is needed. Agencies have redoubled their efforts to fight fraud \u2026 Enforcement agencies are devoting increased resources to combatting illicit activities involving digital assets.<\/p>\n<p>\u201cIn the coming months, the Administration will also unveil priorities for digital assets research and development, which will help the technologies powering cryptocurrencies protect consumers by default,\u201d they revealed.<\/p>\n<h2>Congress Needs to \u2018Step up Its Efforts\u2019 to Regulate Crypto<\/h2>\n<p>The roadmap also calls on Congress to \u201cstep up its efforts\u201d in regulating the crypto sector, such as expanding regulators\u2019 powers to prevent misuse of customer assets and mitigate conflicts of interest.<\/p>\n<p>The White House advisors suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit-finance rules, and subject crypto intermediaries to bans against tipping off criminals. However, they cautioned:<\/p>\n<p>Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.<\/p>\n<p>The advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the broader financial system.<\/p>\n<p>In conclusion, they emphasized:<\/p>\n<p>The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.<\/p>\n<p>Nonetheless, the roadmap authors noted that \u201cto realize these benefits, new technologies need commensurate safeguards,\u201d elaborating: \u201cTo put the right safeguards in place, we will keep driving forward the digital-assets framework we\u2019ve developed, while working with Congress to achieve these goals.\u201d<\/p>\n<p><em><strong>What do you think about the White House advisors\u2019 roadmap to mitigate crypto risks? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/white-house-publishes-roadmap-to-mitigate-cryptocurrency-risks\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House has published a \u201croadmap to mitigate cryptocurrencies\u2019 risks.\u201d The roadmap calls for authorities to \u201cramp up enforcement where appropriate\u201d and Congress \u201cto step up its efforts\u201d to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions \u201cto dive headlong into cryptocurrency markets.\u201d \u2018The Administration\u2019s Roadmap to Mitigate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-10058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10058"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10058\/revisions"}],"predecessor-version":[{"id":10060,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10058\/revisions\/10060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10059"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}