Congressional Republicans have increasingly criticized the Biden Administration regulation of crypto
Republicans on the House Financial Services Committee are turning up the heat on theoversight of digital assets, this time taking aim at the White House’s Council of Economic Advisers, a key advisory body within the Executive Office of the President, FOX Business has learned.
SEN. ROGER MARSHALL CALLS ON BIDEN TO COME TO TABLE WITH GOP TO DISCUSS BUDGET: ‘THE BALL IS IN HIS COURT’ But White House officials and SEC Chairman Gary Gensler say they're merely attempting to protect investors from an industry that is historically under-regulated and rife with fraud. They point to various industry failures including the recent implosion of the FTX crypto exchange and the criminal indictment of former industry wunderkind Sam Bankman-Fried.
He has been quoted as saying most crypto tokens are merely gambling chips in a casino. The CEA’s report voiced concerns along these lines, stating digital assets "continue to cause risks for financial markets, investors and consumers." Just a year prior, in March 2022, Biden's Executive Order on Ensuring Responsible Development of Digital Assets struck a largely positive tone about the merits of the industry, the need to regulate it, and its overarching potential.
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