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The Biden administration has drafted an executive order that could create a unified approach to regulating crypto.
The White House can set a cipher Caesar
As Bloomberg first reported, the order will require federal agencies to study different areas of the cryptocurrency industry and create recommendations within those areas.
In particular, the system relates to areas such as financial regulation, economic innovation, and national security.
It will put pressure on administrations that have so far overlooked cryptocurrency to deal with these matters. The White House could also appoint a “crypto czar” to oversee the effort.
According to Bloomberg, it has not been decided whether the order will be issued, but the Biden administration will reveal a comprehensive crypto strategy regardless of the outcome.
The White House has not commented on the news, while Bloomberg’s sources did not reveal her identity.
The regulatory landscape of the United States is evolving
Today’s news comes shortly after independent regulation efforts. On October 6, the US Department of Justice announced plans to create a cryptographic enforcement team. In September, the US Treasury announced sanctions targeting the use of cryptocurrency for ransomware.
Several officials also made statements about the organization. In July, Federal Reserve Chairman Jerome Powell called for an “appropriate regulatory framework” for dealing with stablecoins.
On October 5, Gary Gensler, Chairman of the Securities and Exchange Commission, suggested that broad crypto restrictions are the domain of government agencies other than the Securities and Exchange Commission.
Disclaimer: At the time of writing this author owns less than $75 worth of Bitcoin, Ethereum, and altcoins.
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