{"id":1828269,"date":"2023-01-30T07:05:04","date_gmt":"2023-01-30T12:05:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1828269"},"modified":"2023-01-30T07:07:50","modified_gmt":"2023-01-30T12:07:50","slug":"white-house-targets-cryptocurrencies-calls-for-stronger-enforcement-by-regulators","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-targets-cryptocurrencies-calls-for-stronger-enforcement-by-regulators\/","title":{"rendered":"White House Targets Cryptocurrencies, Calls for Stronger Enforcement by Regulators"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-targets-cryptocurrencies-calls-for-stronger-enforcement-by-regulators%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1828269&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>According to a report, cryptocurrency industry is causing financial problems, including fraud and North Korea. <a href=\"https:\/\/www.theepochtimes.com\/t-white-house\">White House<\/a> <a href=\"https:\/\/www.whitehouse.gov\/nec\/briefing-room\/2023\/01\/27\/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks\/\" target=\"_blank\" rel=\"noopener\">Blog<\/a>\u00a0Publication date: January 27, 2007.\u00a0It called for increased oversight <a href=\"https:\/\/www.theepochtimes.com\/t-cryptocurrencies\">cryptocurrencies<\/a> more broadly, requesting help from financial regulatory bodies and Congressional lawmakers.<\/p>\n<p>The blog\u2014co-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\u2014outlined the administration\u2019s strategy for mitigating the risks associated with cryptocurrencies.<\/p>\n<p>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 <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2021\/06\/07\/press-briefing-by-press-secretary-jen-psaki-and-national-security-advisor-jake-sullivan-june-7-2021\/\">sounding the alarm<\/a> with respect to cryptocurrencies, which he placed on the administration\u2019s radar back in June of 2021, following the highly publicized ransomware <a href=\"https:\/\/www.theepochtimes.com\/colonial-pipeline-cyberattack-exposes-vulnerabilities-in-critical-infrastructure_3812622.html\">attack<\/a> on the Colonial Pipeline.<\/p>\n<p>The White House pointed to North Korea to justify the need for further legislation, highlighting that a lack of security protocols allowed North Korea to \u201csteal over a billion dollars to fund its aggressive missile program.\u201d This refers to <a href=\"https:\/\/apnews.com\/article\/technology-crime-business-hacking-south-korea-967763dc88e422232da54115bb13f4dc\">allegations<\/a> by South Korea\u2019s main spy agency that their northern neighbor employed state-sponsored hackers to extract $1.2 billion from various digital asset projects.<\/p>\n<figure id=\"attachment_4997958\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/01\/19\/Jake-Sullivan-1200x781.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-full wp-image-4997958\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Jake-Sullivan-scaled.jpg\" alt=\"Jake Sullivan speaks at a press briefing at the White House in Washington\" width=\"3000\" height=\"1952\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4997958\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Jake-Sullivan-scaled.jpg\" alt=\"Jake Sullivan speaks at a press briefing at the White House in Washington\" width=\"3000\" height=\"1952\" \/><\/noscript><\/figcaption><\/a> White House national security adviser Jake Sullivan speaks at a press briefing at the White House on Dec. 12, 2022. (Kevin Lamarque\/Reuters)<\/figure>\n<p>\u201cPrivacy coins\u201d\u2014cryptocurrencies that algorithmically \u201cwash\u201d transactions to obfuscate their ownership history\u2014appear to be in the sights of the Biden administration as well. The briefing linked to a 2022 report (<a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC-Digital-Assets-Report-2022.pdf\">pdf<\/a>) that listed privacy coins under the \u201cMalicious Acts\u201d section of the report, mentioning that such tokens are the preferred medium of exchange for criminals and bad actors.<\/p>\n<p>Proponents of the popular privacy coin Monero view the ability to transact with anonymity as one of the core tenets underpinning the crypto movement.<\/p>\n<p>The White House urged Congress to pass new laws to help curb criminal activity in the digital asset space. Suggestions included steeper penalties for illicit financial affiliations and additional transparency requirements for crypto-related companies.<\/p>\n<p>A push to partner with international lawmakers was a key focus of the blog as well. Many have blamed foreign nations with lax legal frameworks for facilitating much of the fraud in the space.<\/p>\n<p>\u201cThese foreign exchanges have virtually no regulation,\u201d said macroeconomic strategist Jim Bianco in an <a href=\"https:\/\/www.youtube.com\/watch?v=gShWc1-mrmc\">interview with Wealthion<\/a>. Bianco, however, recognized the risk that <a href=\"https:\/\/www.theepochtimes.com\/t-regulators\">regulators<\/a> may become co-opted by the companies they are intended to regulate, using FTX founder Sam Bankman-Fried as an example.<\/p>\n<p>\u201cA lot of people in the industry were very uncomfortable with him because they didn\u2019t think he represented the best interests of the industry,\u201d Bianco said. \u201cHe was going to use his vision of regulation to build a moat around FTX.\u201d<\/p>\n<p>Urging caution in regulation was a theme in the blog as well. White House officials warned that laws incentivizing further investment into crypto should be avoided.<\/p>\n<p>\u201cLegislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets,\u201d the blog read. \u201cIt would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system.\u201d<\/p>\n<p>At least 15 state and municipal pension funds suffered losses in the FTX implosion in the fall of 2022, according to the retirement planning website <a href=\"https:\/\/equable.org\/have-pensions-lost-money-on-ftx\/\">Equable<\/a>. The Ontario Teachers Pension Plan lost a $95 million investment in the failed crypto exchange.<\/p>\n<p>Another Canadian pension fund <a href=\"https:\/\/decrypt.co\/107665\/canadian-pension-fund-150m-loss-celsius\">lost $150 million<\/a> investing in the defunct crypto network Celsius, which filed for bankruptcy in July of last year.<\/p>\n<p>But some economists think regulation would do little to protect investors and would place an unnecessary burden on taxpayers.<\/p>\n<p>\u201cWe don\u2019t need more government regulation,\u201d Peter Schiff, chief economist at Euro Pacific Asset Management, told The Epoch Times. \u201cWe need more free market regulation and personal responsibility.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a report, cryptocurrency industry is causing financial problems, including fraud and North Korea. White House Blog\u00a0Publication date: January 27, 2007.\u00a0It called for increased oversight cryptocurrencies more broadly, requesting help from financial regulatory bodies and Congressional lawmakers. The blog\u2014co-written by national security adviser Jake Sullivan, National Economic Council Director Brian Deese, Office of Science &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1828272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[3755,6999,5052,3653,9830,8935,4841,3765],"class_list":["post-1828269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-calls","tag-cryptocurrencies","tag-enforcement","tag-house","tag-regulators","tag-stronger","tag-targets","tag-white"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1828269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1828269"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1828269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1828272"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1828269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1828269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1828269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}