In The News: Biden Releases New Guidelines Focused on Crypto
President Biden released brand new guidelines regarding trading cryptocurrencies within the United States. This newly published framework zones in on how to make it easier for crypto transactions to reduce cybercrime, which seems to be a growing trend in this space.
Some recent reports suggest that the president is looking to propose to Congress to increase the penalties by sending unreported money. Along with that, the US government is looking to change some federal laws giving the Department of Justice more power to investigate such crimes.
The American government is looking to instill democratic values into the world of digital assets and cryptocurrency by focusing on the following six priorities:
Protecting American businesses and investors
Providing increased global financial stability
Decreasing any potential for the illegal use of digital assets
Promoting the US as a global leader
Ensuring everyone has equal access to affordable financial institutions
Making sure of the responsible use of digital assets
Right now, the American government is looking at the proposal of a digital dollar, which would hold the same value as the fiat dollar, known as the Central Bank Digital Currency (CBDC). There are many potential benefits, such as increased financial inclusion of marginalized groups and protection against criminal activity.
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