The Biden administration is tightening up regulation on cryptocurrency such as NFTs. Owners and traders of crypto-assets will be operating in a space much more similar to if they were dealing with traditional forms of money, and should expect their actions to be scrutinized more closely. Tighter regulation in this market could lead to more similar treatment of cryptocurrency as traditional monetary assets when it comes to bankruptcy. However, bankruptcy involving cryptocurrency is still a fairly new and untraversed field.
The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) are also urged to “redouble” their monitoring of consumer complaints in the digital assets space.
Source: Biden administration publishes framework for regulation of cryptocurrency, NFTs – JURIST – News