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On January 27, the White House published a statement showing United States President Joe Biden’s administration a path plan for addressing the risks associated with cryptocurrencies. The road plan is provided by the White House. The White House is responsible for releasing the statement. A large amount of information sent to the United States Congress is handled by the legislative assistance offered by the government.
The authors of the declaration proposed a plan to advance which was divided into two components to achieve their goals. They wrote: “We have spent the past year examining the risks associated with cryptocurrencies and working to minimize those risks by leveraging the strengths that the Executive Branch has.” It deals with the last year’s and a year’s worth of months.
In September 2022, the government will release what is known as the “first” comprehensive framework for digital asset creation. This road plan component will be the first to be implemented. A report required by a presidential executive order promulgated in March 2022 and entitled “Ensuring the Responsible Development of Digital Assets” was used to produce this document, which is then posted for public consumption.
Second, executive agencies are increasing the amount of work they do to enforce and issue revised rules. “to assist customers in better appreciating the dangers involved with acquiring cryptocurrencies,” the statement states that the government organization is in the midst of establishing a public awareness program. It focuses mainly on bank regulators and asks them to keep their action levels in check as they are subject to scrutiny. The announcement came the same day that the Federal Reserve made its decision to reject the digital asset Custodian Bank’s application to join the Federal Reserve System.
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