Explainer-How U.S. regulators are cracking down on cryptocurrencies
Information about Explainer-How U.S. regulators are cracking down on cryptocurrencies
By Michelle Price
WASHINGTON (Reuters) – Regulators globally are cracking down on cryptocurrencies, alarmed at a rapidly expanding market that exceeded a record $2 trillion in April. China on Friday said it was banning all crypto trading and mining, sending digital coins tumbling.
Global regulators worry the rise in privately operated currencies could undermine their control of the financial and monetary systems, increase systemic risks, promote financial crime and hurt investors.
In the United States, President Joe Biden’s regulators have launched several efforts to rein in cryptocurrencies. Here’s the breakdown:
THE PRESIDENT’S WORKING GROUP ON STABLECOINS
The President’s Working Group on Financial Markets, comprising top financial regulators, is focusing on stablecoins, a type of digital …