The Biden administration published a " roadmap for mitigating cryptocurrency's risks" last week. It was signed by Brian Deese (National Economic Council Director), Cecilia Rouse, White House Office of Science and Technology Policy director, and Jake Sullivan, National Security Advisor Jake Sullivan.
The statement suggests a more cautious approach to cryptocurrencies than U.S. president Joe Biden's executive orders on crypto in March.
The roadmap states that the government agencies are currently "developing public awareness programs" to help consumers understand the risks associated with buying cryptocurrencies. They encourage regulators to follow in their footsteps.
The Fact Sheet released by The White House states: The digital assets market has grown significantly in recent years. Millions of people globally, including 16% of adult Americans, have purchased digital assets—which reached a market capitalization of $3 trillion globally last November.
On the other hand, the American people have not been silent. In response to the Federal Reserve's CBDC discussion paper, over 2,000 letters were sent. Over 1,300 of these letters were either concerned with or opposed to the idea.
The White House has framed its approach as one of "responsible innovations." It is remarkable that what started with a nine page PDF created by Satoshi Nakamoto, a pseudonymous cryptographer, has become a global economy. This invention is being used by people to make payments faster, increase financial inclusion, and make financial services more accessible.