White House: 2022 a “tough year” for crypto

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Updated February 6, 2023 | Published February 6, 2023

2 mins read

The President’s office is looking for ways to avoid repeats of the big industry collapses of last year.

The US White House has published a statement outlining the dangers posed by the cryptocurrency sector and the digital asset sector.

The warning factors in important event of recent months, including the collapse of Terraform Labs, and FTX after that, along with the cascade of bankruptcy filings by prominent esports companies.

The current administration is hoping to have a say in how the country and the government can better mitigate the risks associated with digital assets.

In a statement published at the end of January, the White House talked about a roadmap it plans to take on to arrive at a future where consumers and businesses are able to recognize the risks the industry poses.

The plan has been signed by several top officials, including National Economic Council director Brian Deese, National Security advisor Jake Sullivan, Council of Economic Advisor chair Cecilia Rouse, White House Office of Science and Technology policy director Arati Prabhakar, and others.

The statement also reaffirms the plans of US President Joe Biden who issued an executive order in March 2022 urging regulators to work closely together to ensure that the crypto industry is properly regulated.

The White House acknowledged that 2022 had been a “tough year” for the entire sector, pointing to the major collapses of Luna and FTX.

There are things that need to be done to ensure that similar events do not repeat themselves to the detriment of consumers.

The White House wants to ensure that the recommendations pitched by President Biden’s executive order in March are taken up by regulators who then pave the way for their successful implementation.

Regulators are also looking at how to work with crypto, especially now that the US Securities and Exchange Commission all but lost a case against Ripple Labs over what the regulator insisted was the unauthorized sale of securities.

Last year, the White House urged lawmakers to work on “appropriate” crypto regulation.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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