North Korea, fraud, and financial losses are some of the dangers emanating from the cryptocurrency industry, according to a White House blog published on Jan. 27. It argued for enhanced oversight of cryptocurrencies more broadly, requesting help from financial regulatory bodies and Congressional lawmakers.
The blog—co-written by national security adviser Jake Sullivan, National Economic Council Director Brian Deese, Office of Science and Technology Policy Director Arati Prabhakar, and Council of Economic Advisors Chair Cecilia Rouse—outlined the administration’s strategy for mitigating the risks associated with cryptocurrencies.
The White House officials described digital assets as a nascent industry with promise but one that must be reined in for the sake of consumers. Sullivan has long been sounding the alarm with respect to cryptocurrencies, which he placed on the administration’s radar back in June of 2021, following the highly publicized ransomware attack on the Colonial Pipeline….