After a tumultuous week for Bitcoin and other cryptos, officials of the Biden administration are beginning to look into risks posed by cryptocurrency, such as whether or not it can be used to fund illegal activity. Administration officials are discussing the possibility of putting guard rails on crypto while still allowing investors to “doge to their heart’s content”. The officials involved in the interview request anonymity, and so would I if anyone heard me unironically saying “doge to their heart’s content”.
The recent market instability has added to existing concerns about cryptocurrency, Government officials also think cryptocurrency makes it easier for criminals to transfer money without detection.
The market limit for cryptocurrency topped $2 trillion for the first time in April, just a few months after it hit $1 trillion.