Crypto firms have been eagerly awaiting a series of U.S. government reports they hoped would clarify what the Biden administration and regulators intend to do about digital assets. Most of the documents are out now, but the picture remains murky.
However, one aspect is becoming increasingly clear: the federal government sees a lot of potential risks in crypto, and the various agencies believe stepping up enforcement actions may be an important step.
The reports from the Treasury Department largely recommend the government continue assessing crypto risks, keep up enforcement actions and push forward with work on a digital dollar (without recommending the U.S. should have one).
The White House Office of Science Technology and Policy likewise published a report assessing the technical aspects of a digital dollar, while the Commerce Department's report addressed competitiveness more broadly. The Justice Department said it would launch a "Digital Asset Coordinator Network," a group of 150 federal prosecutors nationwide who would specialize in investigating and prosecuting crypto crimes.
The reports are a response to President Joe Biden's executive order on digital assets, signed in March, which directed federal agencies to analyze different aspects and issues around the cryptocurrency ecosystem and provide recommendations for how the U.S. can both be a leader in the digital asset sector worldwide, as well as address any monetary stability or consumer protection risks posed by the burgeoning industry. Agencies will publish a total of 21 reports.
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