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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