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Joe Biden Sends Warning to Bitcoin and Crypto After $2 Trillion Price Crash

Bitcoin and the crypto market have crashed this year, falling sharply after rocketing to nearly $3 trillion late last year (some bitcoin prices have yet to be called down).

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Bitcoin price has crashed under $20,000 per bitcoin, down from around $70,000, as the market grapples with a string of interest rate hikes by the Federal Reserve that could make bitcoin more volatile.

Now, the Biden administration has instructed US government agencies to double down on bitcoin and crypto enforcement — potentially putting the $1 trillion market on a collision course with regulators after the White House suggested it could ban bitcoin.

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A series of White House reports urged regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to issue regulations for cryptocurrencies.

“Digital assets pose meaningful risks to consumers, investors and businesses,” the Biden administration said, adding that “there are frequent instances of operational failures, market manipulation, fraud, theft and scams.”

According to the Federal Trade Commission, research suggests at least $1 billion has been lost to crypto fraud since the start of 2021, adding to fears that people could lose their investments with the collapse of major cryptocurrency Luna and its linked stablecoin TeraUSD.

“The reports clearly identify the real challenges and risks posed by digital assets used for financial services,” Treasury Secretary Janet Yellen said at a press conference. Coindesk. “If these risks can be mitigated, digital assets and other emerging technologies can offer significant opportunities.”

However, Yellen warned that a lack of regulation risks repeating “painful” lessons.

“Innovation is one of the hallmarks of a vibrant financial system and economy, but as we have painfully learned from history, insufficiently regulated innovation can cause significant disruptions and harm to the financial system and individuals.” Reuters Yellen mentioned.

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More from ForbesSEC Chair Issues Game-Changing Ethereum Warning – Major Price Drop

Regulators have recently increased scrutiny of Bitcoin and the crypto market, with the SEC branding several cryptocurrency securities and XRP fighting a long-running battle with the developer of the cryptocurrency Ripple.

“The reports encourage regulators to step up investigations of digital asset market misconduct, redouble their enforcement efforts and strengthen interoperability,” said National Security Adviser Jake Sullivan and National Economic Council Director Brian Dees. A statement.

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