Press Release · SEC Charges Kim Kardashian for Unlawfully Touting Crypto Security. Eun Young is an accomplished leader on cyber and cryptocurrency issues, by the criminal misuse of cryptocurrencies and digital assets. U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies. MATCH PREDICTIONS AND BETTING TIPS
I urge New Yorkers to be cautious before putting their hard-earned money in risky cryptocurrency investments that can yield more anxiety than fortune. Investors in virtual assets should beware of the many significant risks of investing in these products including: Highly Speculative and Unpredictable Value: Virtual currencies are easy to create and spread in the market quickly.
Their underlying value is highly subjective and unpredictable. As a result, prices can swing wildly and crash without warning and without regard to any changes in the real economy. At times, price fluctuations are driven by market hype on various social media platforms. Difficulty Cashing Out Investments: There is no guarantee that you will be able to liquidate your investments when you want — such as when the crypto markets begin to crash. During times of crisis, trading platforms may halt trading or purport to experience technical difficulties, preventing you from accessing your assets.
Higher Transaction Costs: Some trading platforms charge fees on transactions such as transferring funds and withdrawing money. These fees can vary depending on the size of the transaction and overall trading volume. Therefore, it may also cost you more to access your assets when you need them the most. The nature and quality of the assets backing stablecoins — if there are any assets backing the stablecoin — can vary greatly and along with that so can the risks associated with holding such coins.
Hidden Trading Costs: Value in cryptocurrencies and other virtual assets may be propped up by automated trading, or bots, that are, for example, programmed to spot when another trader is trying to make a purchase and then buy ahead of the trade. This practice can push up the price and cost you more to purchase the same virtual asset.
At the same time, they call for measures to mitigate the downside risks, like increased enforcement of existing laws and the creation of commonsense efficiency standards for cryptocurrency mining. Recognizing the potential benefits and risks of a U.
Protecting Consumers, Investors, and Businesses Digital assets pose meaningful risks for consumers, investors, and businesses. Prices of these assets can be highly volatile: the current global market capitalization of cryptocurrencies is approximately one-third of its November peak. One study found that almost a quarter of digital coin offerings had disclosure or transparency problems—like plagiarized documents or false promises of guaranteed returns. Outright fraud, scams, and theft in digital asset markets are on the rise: according to FBI statistics, reported monetary losses from digital asset scams were nearly percent higher in than the year before.
Since taking office, the Biden-Harris Administration and independent regulators have worked to protect consumers and ensure fair play in digital assets markets by issuing guidance , increasing enforcement resources , and aggressively pursuing fraudulent actors. As outlined in the reports released today, the Administration plans to take the following additional steps: The reports encourage regulators like the Securities and Exchange Commission SEC and Commodity Futures Trading Commission CFTC , consistent with their mandates, to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.
The reports encourage agencies to issue guidance and rules to address current and emergent risks in the digital asset ecosystem. Regulatory and law enforcement agencies are also urged to collaborate to address acute digital assets risks facing consumers, investors, and businesses. The Financial Literacy Education Commission FLEC will lead public-awareness efforts to help consumers understand the risks involved with digital assets, identify common fraudulent practices, and learn how to report misconduct.
Roughly 7 million Americans have no bank account. Another 24 million rely on costly nonbank services, like check cashing and money orders, for everyday needs. And for those who do use banks, paying with traditional financial infrastructure can be costly and slow—particularly for cross-border payments. The digital economy should work for all Americans.
That means developing financial services that are secure, reliable, affordable, and accessible to all. Some digital assets could help facilitate faster payments and make financial services more accessible, but more work is needed to ensure they truly benefit underserved consumers and do not lead to predatory financial practices. To promote safe and affordable financial services for all, the Administration plans to take the following steps: Agencies will encourage the adoption of instant payment systems, like FedNow, by supporting the development and use of innovative technologies by payment providers to increase access to instant payments, and using instant payment systems for their own transactions where appropriate — for example, in the context of distribution of disaster, emergency or other government-to-consumer payments.
The President will also consider agency recommendations to create a federal framework to regulate nonbank payment providers. Agencies will prioritize efforts to improve the efficiency of cross-border payments by working to align global payments practices, regulations, and supervision protocols, while exploring new multilateral platforms that integrate instant payment systems. The National Science Foundation NSF will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible by all.
Fostering Financial Stability Digital assets and the mainstream financial system are becoming increasingly intertwined, creating channels for turmoil to have spillover effects. Stablecoins, in particular, could create disruptive runs if not paired with appropriate regulation. Building on this work, the Administration plans to take the additional following steps: The Treasury will work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities by sharing information and promoting a wide range of data sets and analytical tools.
The Treasury will work with other agencies to identify, track, and analyze emerging strategic risks that relate to digital asset markets. It will also collaborate on identifying such risks with U. Advancing Responsible Innovation U. Digital asset firms are no exception.
The U. It sponsors cutting-edge research, helps firms compete globally, assists them with compliance, and works with them to mitigate harmful side-effects of technological advancement. In keeping with this tradition, the Administration plans to take the following steps to foster responsible digital asset innovation: The Office of Science and Technology Policy OSTP and NSF will develop a Digital Assets Research and Development Agenda to kickstart fundamental research on topics such as next-generation cryptography, transaction programmability, cybersecurity and privacy protections, and ways to mitigate the environmental impacts of digital assets.
It will also continue to support research that translates technological breakthroughs into market-ready products. Additionally, NSF will back social-sciences and education research that develops methods of informing, educating, and training diverse groups of stakeholders on safe and responsible digital asset use.
The Treasury and financial regulators are encouraged to, as appropriate, provide innovative U. Powering crypto-assets can take a large amount of electricity—which can emit greenhouse gases, strain electricity grids, and harm some local communities with noise and water pollution. Opportunities exist to align the development of digital assets with transitioning to a net-zero emissions economy and improving environmental justice.
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Elizabeth Warren, Mark Warner, and Jack Reed asked the Treasury Department to provide information on how it intends to inhibit cryptocurrency use for sanctions evasion. Officials said the president's order had been in the works for months before Russia's Vladimir Putin invaded Ukraine last month.
Coinbase Global Inc. Some participants in digital currency welcome the idea of more government involvement with crypto. He added that China and Russia were looking at crypto and building their own currency. More than countries have begun or are piloting their own digital sovereign currency, according to the White House.
Advertisement Video above: Justice Dept. Government in establishing a framework to drive U. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research and development, and operational approaches to digital assets. Promote Equitable Access to Safe and Affordable Financial Services by affirming the critical need for safe, affordable, and accessible financial services as a U. Such safe access is especially important for communities that have long had insufficient access to financial services.
The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future. Government to take concrete steps to study and support technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, combating illicit exploitation, and reducing negative climate impacts.
Explore a U. The Order directs the U. Government to assess the technological infrastructure and capacity needs for a potential U. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U. CBDC, including development of a plan for broader U. Government action in support of their work. This effort prioritizes U.
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