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The authors went on to note that the White House has spent the past year focused on identifying the risks of cryptocurrencies and acting to mitigate them using the authority of the Executive branch. These efforts include the publication of the first-ever framework for crypto regulation in the U.S., which the White House released in September.
The authors called on Congress “to step up its efforts” to help combat these issues and establish a clear regulatory framework for digital assets in the U.S. While the authors called on Congress to act, they stressed that any legislation that gets passed must avoid increasing the risks to investors or the financial system.