The United States dollar controls roughly 59 percent of the global reserve currency. However, the figure has declined lately as other leading international markets flee from dollars through de-dollarization.
As a result, the White House recently released its take on digital assets and the Central Bank Digital Currency (CBDC). According to the report, the Biden administration is keen to regulate the industry through digital assets, crypto assets, cryptocurrencies, NFTs, and stablecoins.Â
However, it is essential to note that the White House report informed Congress that functional and interoperable CBDC is the interlink between central bank money and the digital economy.
Meanwhile, centralized cryptocurrency exchanges are expected to adhere to the set regulations by the CFTC and the SEC. Moreover, top exchanges, including Binance, Coinbase Global, KuCoin, and Kraken, are on the radar of regulators through civil actions.
Also Read: Crypto Exchange Kraken Takes a Stand as It Promises to Meet Canada’s Stricter Regulations
Warren’s Take on Crypto and CBDC
Elizabeth Warren, the current United States Senator for Massachusetts, is among the many leaders seeking re-election through the crypto community. However, Sen Warren has identified herself with anti-crypto supporters who want the United States dollar to remain the world reserve currency at all costs. The former teacher who sits at the Consumer Financial Protection Bureau (CFPB) recently announced her bid for the next White House race.
According to a recent compilation YouTube video by altcoin daily, Warren stated the crypto economy should be eliminated in favor of government-backed currencies. Furthermore, Sen Warren thinks Bitcoin and other crypto assets could fall to zero if the confidence falls.
Additionally, the senator thinks Bitcoin and crypto should be banned since they have been used by Iran and Russia to evade sanctions and thus undermine the United States government.
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