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White House reviews ‘gaps’ in cryptocurrency rules as bitcoin swings wildly

The Biden administration, lawmakers, and central bankers are wrestling with fresh challenges posed by cryptocurrency, conferring in numerous meetings amid recent volatility in digital assets.

White House officials were briefed by career staff members at the Treasury Department about the risks posed by cryptocurrency earlier this month, said two people familiar with the matter. The issue has also been raised in conversations with federal regulators involving the department’s Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB), although those discussions did not involve principal-level officials such as Treasury Secretary Janet Yellen.

Given the chaos created by the Trump administration, bitcoin fans are anxiously optimistic about how regulators will approach the cryptocurrency space during President Joe Biden’s administration.   

Yellen believes there are both positive and negative ways to use cryptocurrency. She’s expressed a desire to strengthen regulations that prevent illicit usage like terror financing. She may set the tone for government bodies like the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

The SEC, OCC and CFTC are choosing people that are very crypto knowledgeable,” She added. “That could tell you they are getting deep knowledge to regulate it heavily or, more likely, it’s now seen as an important part of the economy and finance