Biden Administration Weighs Executive Order on Cryptos

The White House is considering issuing an executive order to various federal agencies to provide recommendations on regulating cryptocurrencies. Agencies like the Treasury, Commerce, NSF, NSC, SEC, CFTC, and IRS may be involved. The aim is to ensure cryptocurrencies are regulated as they become more integrated into financial markets, preventing them from becoming too widespread without oversight.

How does the administration view the current state of cryptocurrencies in relation to financial markets?

What concerns does the White House have regarding the regulation of cryptocurrencies?