White House: Pension funds should not be allowed to dip significantly into the cryptocurrency market

U.S. President Joe Biden’s administration has provided a roadmap for mitigating risks associated with cryptocurrencies.Much of the document has been sent to the U.S. Congress.The list of recommendations included items such as expanding regulatory authority over digital assets, tightening disclosure requirements, increasing penalties for misconduct, increasing funding for law enforcement, and a request to follow the recommendations in the Financial Stability Oversight Council report.In addition, the document states that major financial institutions, such as pension funds, should not be allowed to dip significantly into the cryptocurrency markets.“It would be a serious mistake to pass legislation that reverses course and deepens the links between cryptocurrency and the broader financial system,” the report states.