FILE PHOTO: Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water -U.S. government agencies must double down on digital asset sector enforcement and identify gaps in cryptocurrency regulation, the Biden administration said on Friday, citing their potential for misuse and harm even as it noted their growing role in global finance.
"Innovation is one of the hallmarks of a vibrant financial system and economy, but as we've painfully learned from history, innovation without adequate regulation can result in significant disruptions and harm to the financial system and individuals," Treasury Secretary Janet Yellen told reporters. Biden will also consider recommendations from agencies to create a federal framework to oversee non-bank payment providers.