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The White House, lawmakers look for guardrails that will allow investors to ‘dogecoin to their heart’s content’

The Biden administration and lawmakers are looking into cryptocurrency

Cryptocurrencies dropped in value recently. When it rebounds, it might double Illustration by Alex Cochran, Deseret News

The White House, lawmakers and U.S. central bankers are looking into what can be done about cryptocurrency, according to The Washington Post.

  • Specifically, the Biden administration is looking into any potential “gaps” in the cryptocurrency market — like “whether it can be used to finance illicit or terrorist activities,” The Washington Post reports.
  • However, sources told The Washington Post that federal regulators “do not see the wild swings in the crypto markets as likely to threaten the broader stability of financial markets, although they think the risks are worth monitoring.”

Will the U.S. government look into Dogecoin?

One person familiar with the discussions told The Washington Post that the goal is to allow investors to “dogecoin to their heart’s content.”

  • “They’re aware of the fact that there are all kinds of risks in the abstract and things to look out for, but they are still largely in a wait-and-see posture,” an unnamed source told The Washington Post.

The cryptocurrency market

Per MarketWatch, the cryptocurrency market has a volatile stretch in recent weeks as different cryptocurrencies have garnered more attention from business, investors and social media. At the same time, it’s led to huge spikes in prices and large dips.

  • According to Forbes, the major cryptocurrencies out there — Bitcoin, Ethereum and even Dogecoin — have all plummeted in recent days because of, well, Bitcoin. Investors in Bitcoin are looking into selling their holdings, which has led other cryptocurrencies to fall as well.