The administration is using a "whole-of-government" strategy with multiple agencies and bureaucracies applying whatever pressure they can from their own turf/perspective/power base.
On September 4 we saw the Federal Reserve kick things off in "Uh Oh: The Fed Letter To Member Banks On Crypto" which sure reads as though the linkages between crypto and the banking system are going to be dismantled.
On September 5 we saw the national security apparatus step in with "Islamic State Turns to NFTs to Spread Terror Message"
Next, on September 9, the immense power of the Environmental Protection Agency in The Coming Crackdown On Crypto: "White House says Bitcoin mining is hurting US climate efforts"
And today, via Yahoo Finance, the market regulators:
Treasury urges SEC, CFTC crack down on crypto industry in wide-ranging new reports
The U.S. Treasury is warning in three new reports that cryptocurrencies pose meaningful risks for consumers, investors, and businesses if not properly regulated.
The government is also recommended moving forward with work on a central bank digital currency, but stopped short of recommending one.
The reports encourage the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to “aggressively” pursue investigations and enforcement actions against crypto companies that aren’t in compliance with laws.
Treasury also urges the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) to double down on efforts to monitor consumer complaints and to enforce against unfair, deceptive, or abusive practices....
....MUCH MORE
Here's one of the Administration's releases mentioned in the above article from a not very competent* but highly credentialed National Security advisor and a scarily competent head of the National Economic Council, on loan from BlackRock:
The Forrest Gump of American decline?
And on the Whole of Government approach? That's not me with a rhetorical flourish or showing off the bureaucratic lingo vocabulary, it's direct from the White House, March 9, 2022:
