White House Releases Crypto Framework Update
The White House has released an official roadmap for their upcoming framework for cryptocurrency regulation within the United States. The plan, which was first addressed in March 2022, is being devised in order to protect crypto investors similarly to how stock market investors are protected and prevent criminal activity including money laundering and terrorist financing.
The roadmap explained how the team appointed by President Biden first began assembling their framework until multiple cryptocurrency crashes in 2022 caused the entire market to plunge into a bear market. With the events from TerraLuna and FTX still rippling across the crypto community, the Biden administration has been forced to take a closer look into cryptocurrencies than originally expected and needs more support from congress to achieve its goals.
