Biden Admin Urges Faster Crypto Regulation as Recession Fears On The Rise

White House Crypto Regulation

In response to the growing concerns about the potential impact of a global recession on the cryptocurrency industry, US President Joe Biden urged Congress to pass regulations that will allow the authorities to effectively regulate the industry.

On Monday, a group of financial regulators issued a report calling on politicians to resolve their differences regarding the regulation of the cryptocurrency industry. The group also called on them to consider the issue of the way in which certain assets are sold on the spot market.

This report is focused on providing a comprehensive analysis of the various major events that affected the cryptocurrency industry in the past year. Some of these include the collapse of the Terra/LuNA ecosystem, the invasion of Ukraine by Russia, and the growing concerns about a global recession.

This comes after a week that saw the stock market falling due to the growing concerns about the potential impact of a global recession on the cryptocurrency industry. The Dow Jones Industrial Average dropped into bear territory, and the British pound also hit an all-time low against the dollar.

The report, which was prepared by a group of financial regulators, also discussed the various risks that are associated with the digital asset industry. It noted that the regulators have identified potential issues that could affect the financial stability of the industry.