White House Considers More Oversight Over Crypto Market: Report
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The White House is considering to put more oversight over the 2 trillion cryptocurrency market, Bloomberg has learned, citing sources familiar with the matter. The new approach is expected to help in fight against the growing threat of ransomware and other cyber crime, involving cryptocurrencies.

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Particularly, the Biden administration wants federal agencies to study and offer recommendations on crypto-related sectors, including financial regulation, economic innovation and national security. The initiative is also aimed to tie regulatory agencies' work on the cryptocurrency market throughout the executive branch, the sources said.

White House Expands Cryptocurrency Analysis to Fight Criminal Activity

However, no decision has been made on whether to release the executive order or not, according to the people. The move comes after the US Department of Justice launched new initiatives focused on cybercriminals that "flourish" with the help of cryptocurrencies. The regulator wants to combat ransomware gangs with the National Cryptocurrency Enforcement Team.

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