After the Biden administration issued its first administrative order on virtual assets in March, it unveiled measures to protect investors as a follow-up measure. Analysts say that the U.S. is tightening regulations on the digital asset market, pointing out that the domestic digital asset system is sluggish.

According to industries on the 19th, the system for protecting domestic digital asset users is insufficient. The White House issued a statement titled “The First Comprehensive Regulatory Infrastructure for Responsible Development of Digital Assets” on the 16th to strengthen related user protection measures, but domestic user protection measures are insufficient.

According to the White House statement, six major tasks were selected: ▲Consumer and Business Protection ▲ Strengthening Financial Stability ▲ Promoting Responsible Innovation ▲ Strengthening Global Financial Leadership and Competitiveness ▲ Combating Illegal Finance ▲ Seeking to Develop CBDC.

This is a follow-up measure after President Joe Biden issued his first executive order on virtual assets in March.

In particular, the White House focused on investor protection measures to prevent the second Tera and Luna crisis and suggested measures to strengthen regulatory oversight. It urged regulators such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to actively investigate illegal activities related to digital assets.

The White House pointed to the collapse of Terra and Luna, which caused enormous damage, as the background of the regulation.

The virtual assets Terra and Luna incident is an incident in which many domestic and foreign victims occurred as Terra and Coin Luna, which were created to support the value of Terra, a stable coin whose value per coin issued by Terra Form Labs is fixed (pegged) at $1 fell significantly.

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