US seeks more control of cryptocurrencies | Business

The Biden administration has called on government agencies to beef up enforcement around cryptocurrencies and to find holes in regulations.

In reports, officials cited “meaningful risks” for consumers, investors and companies using digital assets. They pointed to “frequent instances” of operational failures, fraud, thefts, scams and market manipulation.

Regulators should “address current and emergent risks”, the administration said, calling on the US Securities and Exchange Commission and the Commodity Futures Trading Commission to issue guidance and rules for key risks, such as the potential for cryptocurrencies to be used in money laundering or for fraud.

“Innovation is one of the hallmarks of a vibrant financial system and economy,” Janet Yellen, the US Treasury secretary, said, “but innovation without appropriately addressing the impact of these

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