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Biden Administration Wants Crypto Exchanges to Separate Customer and Corporate Funds

Federal officials saw Coinbase’s admission about customers’ vulnerability in a bankruptcy and will call for congressional action to segregate clients’ funds, source says.

Updated May 11, 2023, 3:56 p.m. Published May 18, 2022, 7:25 p.m.
The Biden administration is pushing for legislation that would fence off customer funds within crypto exchanges, keeping them safe in an exchange failure. (Andrey Denisyuk/Getty Images)
The Biden administration is pushing for legislation that would fence off customer funds within crypto exchanges, keeping them safe in an exchange failure. (Andrey Denisyuk/Getty Images)