Biden Administration Reportedly Drafts Executive Order To Oversee Cryptocurrency Regulation

Biden Administration Reportedly Drafts Executive Order To Oversee Cryptocurrency Regulation
фото показано с : zycrypto.com

2021-10-10 23:51

According to multiple anonymous sources cited by Bloomberg, the Biden administration is planning to issue an executive order on cryptocurrency, as part of the government’s broad effort to get a handle on the sector.

Details Of The Proposed Executive Order

The order would require various federal agencies, including the Commerce Department, National Science Foundation, Treasury Department, and national security agencies to study the rapidly growing industry and provide recommendations. 

The Bloomberg report on October 8 suggests that these agencies will also be expected to not only research the various aspects of the crypto ecosystem but also clarify the responsibilities that the numerous agencies have around digital currencies and blockchain technology. Simply put, the main goal of the directive is to take a coordinated approach to crypto regulation across government agencies.

Though a draft of the executive order is believed to have been circulated across different White House departments, it isn’t set in stone and President Joe Biden may instead go with a more non-formal course of action to attain the same result.

The rumored executive order comes as many agencies and regulators in the United States are zeroing in on the crypto industry. The U.S. Securities and Exchange Commission (SEC), the Justice Department, the Commodity Futures Trading Commission (CFTC), and the Federal Reserve have all issued statements and guidance regarding crypto in recent months. 

Earlier this month, the Justice Department unveiled a national crypto enforcement team. Several government officials have also made remarks on crypto regulation. Federal Reserve chair Jerome Powell, for instance, recommended a regulatory framework to tackle the mushrooming stablecoins — a crucial part of the cryptocurrency market.

Meanwhile, SEC’s Gary Gensler has oftentimes posited that most cryptocurrencies fall under the category of unregistered securities. He, however, clarified recently that his agency won’t ban cryptocurrencies as it is predominantly the prerogative of Congress.

White House May Appoint A Crypto Czar

The Bloomberg report also noted that officials are weighing naming a White House “crypto czar”. Notably, the White House currently lacks a senior official with deep knowledge and expertise to focus on oversight of the crypto sector. Deputy National Security Advisor in the Biden Administration, Daleep Singh, and another treasury official are reportedly directly involved in the crypto oversight initiative.

Tim Wu, an official of the White House with responsibility for Technology and Competition policy would have taken up the role but his considerable cryptocurrency holdings automatically disqualify him.

The White House has not yet issued a formal statement about the news at the time of publication. All in all, one Bloomberg source says the Biden administration will likely announce its overall strategy for crypto assets in the near future.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

cryptocurrency biden order administration executive part effort

cryptocurrency biden → Результатов: 48


President Joe Biden Freezes Former Secretary Mnuchin’s Proposal on ‘Unhosted’ Crypto Wallets

President Joe Biden is in full work mode right from the day of his inauguration as he froze all agency rulemaking pending further review, as per the memorandum published on Jan 20, 2021. The good thing for the cryptocurrency market is that it includes the proposal made by former Treasury secretary Steve Mnuchin on “unhosted […] The post President Joe Biden Freezes Former Secretary Mnuchin’s Proposal on ‘Unhosted’ Crypto Wallets first appeared on BitcoinExchangeGuide.

2021-1-21 16:37


Фото:

Here’s Why Bitcoin Could See One More Correction Before Its Uptrend

From last week’s highs, Bitcoin sustained a heavy correction into Saturday. The cryptocurrency fell from $16,000 to a low of $14,300, marking the first large correction of the recent uptrend. The cryptocurrency has since bounced back as the markets have turned risk-on once again on news of a seeming Biden presidency. While the Nasdaq futures […]

2020-11-9 13:00


Фото:

Cryptocurrency News Roundup for July 16, 2020

Bill Gates, Jeff Bezos, Elon Musk, Joe Biden, and Barack Obama were among many prominent U.S. figures targeted by hackers in a coordinated Twitter scam on Wednesday. Apparently, the hacker(s), who goes by the handle “Kirk”, managed to get hold of an internal Twitter tool that enabled them to delink the breached Twitter accounts from […] The post Cryptocurrency News Roundup for July 16, 2020 appeared first on BeInCrypto.

2020-7-17 22:46