White House Urges ‘Pro-Innovation Mindset’ to Crypto In New Report

The White House has released a 168-page report calling for a "pro-innovation mindset" when it comes to cryptocurrency regulation. The report urges banking regulators, tax officials, and lawmakers to implement policies that would support the growth of the crypto industry. The report highlights the potential benefits of cryptocurrency, such as increased financial inclusion and faster cross-border payments. However, it also acknowledges the risks associated with digital assets, including their use in illicit activities and the potential for market volatility. The report recommends that regulators take a balanced approach, focusing on consumer protection and mitigating risks while also fostering innovation. It also calls for increased coordination between government agencies and the private sector to develop a cohesive regulatory framework for the crypto industry. Overall, the White House's report reflects a shift in the government's stance towards cryptocurrency, moving towards a more supportive and proactive approach to the technology's development.