{"id":5309,"date":"2023-01-27T17:19:49","date_gmt":"2023-01-27T17:19:49","guid":{"rendered":"http:\/\/ci02b66c30d0002433"},"modified":"2025-09-28T17:38:05","modified_gmt":"2025-09-28T22:38:05","slug":"biden-admin-roadmap-cryptocurrency-risks","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/legal\/biden-admin-roadmap-cryptocurrency-risks","title":{"rendered":"Biden Administration Releases Roadmap To Mitigate Cryptocurrency Risks"},"content":{"rendered":"
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The Biden Administration has posted an official blog detailing its roadmap to mitigate the risks of cryptocurrencies.<\/p>\n

The roadmap starts by citing the 2022 implosion of LUNA\/Terra and the subsequent catastrophic contagion within the industry that led to various bankruptcies. Included in this reference is the bankruptcy of FTX<\/a>, saying that, \u201cMany everyday investors who trusted cryptocurrency companies\u2014including young people and people of color\u2014suffered serious losses, but, thankfully, turmoil in the cryptocurrency markets has had little negative impact on the broader financial system to date.\u201d<\/p>\n

According to the roadmap, the Administration’s focus is on ensuring that cryptocurrencies cannot undermine financial stability, protecting investors and holding bad actors accountable. To achieve this, the roadmap states that experts across the administration have laid out a framework for developing digital assets in a safe and responsible way while addressing the risks they pose.<\/p>\n

\u201cAt President Biden\u2019s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has,\u201d the roadmap reads. <\/p>\n

It goes on to describe how some cryptocurrency entities ignore financial regulations and risk practices. Also alleged is that cryptocurrency platforms and promoters often mislead consumers, have conflicts of interest, fail to make adequate disclosures or commit outright fraud.<\/p>\n

\u201cAgencies are using their authorities to ramp up enforcement where appropriate and issue new guidance where needed,\u201d the post reads. \u201cThe banking agencies issued joint guidance, just this month, on the imperative of separating risky digital assets from the banking system. Agencies across government have launched \u2014 or are now developing \u2014 public-awareness programs to help consumers understand the risks of buying cryptocurrencies.\u201d <\/p>\n

This, however, is not enough given the events of the last year, according to the roadmap. Therefore, the Administration will reveal priorities for further research devoted to digital assets and development, \u201cwhich will help the technologies powering cryptocurrencies protect consumers by default.\u201d<\/p>\n

The post also details the Administrations\u2019 belief that Congress needs to step up efforts by expanding regulators’ powers, strengthening transparency and disclosure requirements, funding greater law-enforcement capacity building and limiting cryptocurrencies’ risks to the financial system. It is careful to note that Congress should not greenlight mainstream institutions like pension funds to dive headlong into cryptocurrency markets as this would deepen the ties between cryptocurrencies and the broader financial system and increase systemic risks. <\/p>\n

The roadmap is the latest in regards to Bitcoin regulation out of Washington, with the Biden Administration having released the \u201cExecutive Order on Ensuring Responsible Development of Digital Assets,\u201d in March 2022 and the \u201cClimate and Energy Implications of Crypto-Assets in the United States,\u201d report in September 2022 respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"

The White House has unveiled a roadmap to reduce risks associated with the wider cryptocurrency industry.<\/p>\n","protected":false},"author":2730,"featured_media":5310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[1552,93,219,492,1605],"class_list":{"0":"post-5309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal","8":"tag-biden-administration","9":"tag-news","10":"tag-regulation","11":"tag-united-states","12":"tag-washington"},"author_data":{"id":2730,"name":"BtcCasey","nicename":"casey","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/02\/jn_tjlo_400x400.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/us.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/5309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2730"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=5309"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/5309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/5310"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=5309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=5309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=5309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}