Biden signs order on cryptocurrency as its use explodes KPRC2
— or 40 million people — have invested in cryptocurrencies. And 43% of men age 18-29 have put their money into cryptocurrency.
Treasury Secretary Janet Yellen said last week that “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions” and that the industry is not"completely one where things can be evaded.”in January that said a digital currency “would best serve the needs” of the country through a model in which banks or payment firms create accounts or digital wallets.Some participants in digital currency welcome the idea of more government involvement with crypto.
“The U.S. has an interest in growing financial innovation," Zarazinksi said. He added that China and Russia were looking at crypto and building their own currency. More than 100 countries have begun or are piloting their own digital sovereign currency, according to the White House. But Hilary Allen, a financial regulation professor at American University, cautioned against moving too fast to embrace cryptocurrencies.“I think crypto is a place where we should be putting the brakes on this innovation until it’s better understood,” she said. “As crypto becomes more integrated into our financial system it creates vulnerabilities not just to those who are investing in crypto but for everybody who participates in our economy.
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