White House cryptocurrency ‘roadmap’ recommends against pension funds

cointelegraph.com:

The White House released a statement on Jan. 27 that provided the United States President Joe Biden administration a roadmap for mitigating risks associated with cryptocurrencies. Much of the document was addressed to the U.S. Congress with the administration’s legislative guidance.

The authors of the statement outlined a two-pronged path forward. They wrote:

The first element in the road map is the administration’s “first-ever” comprehensive framework for digital asset development released in September. That document was based on reports mandated by the president’s executive order on Ensuring Responsible Development of Digital Assets issued in March.

Second, executive agencies are increasing enforcement and issuing new guidance. According to the statement, government agencies are developing public awareness programs “to help consumers understand the risks of buying cryptocurrencies.” It mentioned banking regulators in particular and encouraged them to continue their efforts. The statement was issued the same day the Fed denied digital asset Custodia Bank membership in the Federal Reserve System.

We’ll keep mitigating crypto risks by protecting investors and holding bad actors accountable. We’re ready to work w/ Congress to address regulatory gaps, but it would be a grave mistake to reverse course and deepen ties btw crypto and the financial systemhttps://t.co/qLBetgMG1e

Notably, the statement went on to provide a wish list of actions the administration would like to see from Congress, saying:

The White House has a sizable list of tasks for legislators. Its recommendations include expanding regulators’ powers, strengthening disclosure requirements, strengthening penalties for misconduct, increasing funding for law enforcement