In an announcement, four senior officials in US President Joe Biden’s administration urged Congress to “step up its efforts” to regulate the cryptocurrency market. The officials warned that enacting legislation that would strengthen ties between crypto and traditional finance would be a “grave mistake” due to the risk of broader connotation. The announcement follows a “tough year for cryptocurrencies,” according to the White House. The report also urged Congress to give regulators more authority to protect customer assets, to increase transparency and reporting requirements for cryptocurrency companies, and to pass stablecoin legislation.
