đ¨ US Treasury Official Says Biden Administration Wants New Powers to Crack Down on Crypto
The Biden administration is seeking new powers from Congress to crack down on crypto, according to US Treasury Department Deputy Secretary Wally Adeyemo. Adeyemo said that the administration is concerned about the potential for crypto to be used for illicit activities, such as money laundering and terrorist financing, and the risks to consumers posed by crypto scams and the volatility of crypto markets.
The Biden administration has not yet released specific details about what new powers it is seeking from Congress, but it is clear that the administration is taking a more active approach to regulating crypto than its predecessor. It remains to be seen what the Biden administration's request for new powers will mean for the long-term future of the crypto industry, but it is a development that all crypto investors should be aware of.
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