White House calls for better regulation of cryptocurrencies in 2023

The White House has unveiled a roadmap for regulating the cryptocurrency ecosystem in 2023. The Biden administration is specifically calling on Congress to strengthen the power of regulators to prevent platforms from misusing customer funds.


The Biden administration is talking about cryptocurrency regulation

On Friday, the White House released its roadmap for 2023 regulating the cryptocurrency ecosystem. Not surprisingly, the Biden administration is thus calling for continued efforts to regulate the industry under the usual excuses of financial stability and investor protection.

So, a retrospective of 2022 is being prepared regarding the crises experiencedGiven the collapse of the UST and the FTX scam:

“2022 has been a difficult year for cryptocurrencies. In May, the so-called stablecoin caused a wave of bankruptcies. A few months later, a major cryptocurrency exchange collapsed. Many ordinary investors […] suffered serious losses, but fortunately the turmoil in the cryptocurrency market has so far had little negative impact on the broader financial system. »

Regarding the hypothetical contagion from the cryptocurrency ecosystem to traditional finance, if it is true that internal crises do not spread, it will be interesting to remember that the beginning of the bear market is the opposite. started against the background of global economic recession.

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Difference between technology and its use

Despite calls for more regulation, we can note that the White House is falling apart. between the technological base represented by the ecosystem and its use. Indeed, these technologies are particularly emphasized.”can offer faster, cheaper and safer payment methods“.

This roadmap also states that if cryptocurrencies “relatively new», not the risks associated with the behavior of certain actors. The document in question therefore prefers to target companies that revolve around this industry.

Logical rules are also required as better transparency regarding related risks and conflicts of interest. The Biden administration is also asking Congress strengthen the power of regulatorsto prevent misuse of customer funds.

It is also claimed that “bad cyber security in the industryHackers appeared, allowing North Korea funds the ballistic program. However, on this last point, the White House a priori forgets that the hacks in question are mostly about decentralized applications, which in fact regardless of jurisdiction.

Despite all these lines of behavior, it seems The United States still lacks a clear and harmonized frameworkLike the MICA regulation applied in the European Union.

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Source: White House

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