Biden Administration Embarking on ‘Aggressive’ Tack for Cryptocurrency, White House Official Says

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“There’s clearly a whole range of risks,” Peter Harrell, a senior White House official, said in reference to the explosion of virtual currencies.

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“You’re really looking at the administration for what we expect will be an ongoing, fairly aggressive effort to make sure we understand and address the full range of risks we see in the cryptocurrency space,” said Mr. Harrell. said. Businesshala Risk and Compliance Forum on Tuesday.

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The Biden administration is taking steps to regulate so-called stablecoins — a form of digital currency backed by safe assets like Treasuries — which regulators worry could be the equivalent of running a bank if large numbers of investors suddenly rush to cash them. may be unsafe.

Meanwhile, US Securities and Exchange Commission Chairman Gary Gensler has hit out at private forms of money in speeches, saying he does not see “very long-term viability” in them and promising more regulatory oversight from his agency.

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Mr Harrell’s remarks on Tuesday appeared to be taking a tougher stance on cryptocurrencies despite some concerns that an overly aggressive regulatory regime could move virtual currency markets overseas and exclude the US from significant intelligence and financial leverage.

“We think the crypto industry has some potential benefits,” Mr. Harrell said, citing financial inclusion as an example. “But clearly there’s a whole range of risks.”

“I think what you’re really seeing is that the administration is doing a variety of things to make sure we have a smart and effective regulatory system in place for cryptocurrencies.”

Dylan Tokar [email protected] . Feather

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