US regulators will force the cryptocurrency market into the framework of the law

President Biden’s administration will seriously take up the study of cryptocurrencies and set the rules of the game for the new industry

Who will be friends against cryptocurrency

US regulators intend to carefully study the nature of the $1.5 trillion cryptocurrency market and set a strict framework for a new asset class. The authorities are concerned about the lack of proper supervision and control over the circulation of digital coins in the country. They believe that this threatens the financial well-being of citizens and businesses.

In an interview with the Financial Times, Michael Hsu, who was appointed this month as acting head of the Office of the Comptroller of the Currency (OCC), said that he hopes for a well-coordinated work of departments that will help bring cryptocurrencies under control.

“In fact, it all comes down to coordination between departments. I have spoken with some colleagues, and we are interested in closer coordination of actions in this direction,” Hsu said.

This month, the first meeting of the interagency crypto team was held with the participation of officials of the three leading federal banking regulators — the Office of the Comptroller of the Currency, the Federal Reserve System and the Federal Deposit Insurance Corporation. This indicates that the cryptocurrency is now in the field of view of the authorities and will be subject to strict control by the state.

The American authorities do not believe in Bitcoin

Experts say that you should not expect from the American authorities a warm attitude to the cryptocurrency. Officials have repeatedly stated that bitcoin and other coins are dangerous for investors and users.

In addition, the popularization of cryptocurrency can shake the global economy. US intelligence officials have previously stated that the rapid development of cryptocurrencies and artificial intelligence technologies in the coming decades will leave the world without a leader and make it “unstable”.

And the FinCEN agency, which reports to the US Treasury Department, proposed to establish control over cryptocurrency wallets to avoid cases of money laundering or terrorist financing.

Read also: Countries that banned cryptocurrencies: we understand the reasons

At the same time, the US Department of Justice has already formed a working group that will conduct “aggressive” surveillance of bitcoin to prevent financial crimes.

Earlier, we talked about how US regulators benefit from” friendship ” with crypto companies.

What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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