Administration Focuses on Cryptocurrency Regulation

Federal departments implement actions to curb fraud and money laundering.

Administration officials spoke last week about the publishing of reports identifying gaps in cryptocurrency regulation. The reports call on the Securities and Exchange Commission and the Commodity Futures Trading Commission to quickly issue guidance to curb money laundering and fraud. The Justice Department is working to create a Digital Asset Coordinator position to head the prosecution of digital asset crimes, and the Treasury Department is actively researching how cryptocurrencies interact with their operations.

“Innovation is one of the hallmarks of a vibrant financial system and economy, but as we’ve painfully learned from history, innovation without adequate regulation can result in significant disruptions and harm to the financial system and individuals,” said Treasury Secretary Janet Yellen.

As the Lord Leads, Pray with Us…

  • For Attorney General Garland as he creates the digital asset coordinator position.
  • For Treasury Secretary Yellen as she collaborates on measures to prevent fraud and money laundering.
  • For members of the SEC and the commodity commission as they consider next steps in cryptocurrency regulations.

Sources: The Hill, Reuters


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