TL:DR Breakdown
- Joe Biden to sign Executive Order for crypto regulation.
- Executive order targeted at fighting ransomware and cybercrimes.
- Crypto regulation continue to be a leading debate among US politicians, authorities.
President of the United States, Joe Biden, reportedly may sign an Executive Order on cryptocurrencies anytime soon to properly under the space and exercise better control over the industry and activities in the space.
Bloomberg reported the news. However, they sighted anonymous sources close to the matter. The report doesn’t come as a surprise, especially with the many move by Joe Biden’s appointee to bring the space under control.
Why Joe Biden ‘may’ want to sign an executive order
The Executive order would be targeted at combatting the growing threat of ransomware and other cybercrime associated with crypto assets, especially as ransomware have caused millions in damages to America recently.
On the contrary, Bloomberg attributes the Executive Order to a political move by the Democratic president to try to establish a ruling on his terms as the order would mandate a broad number of government agencies to issue recommendations regarding their areas of expertise.
Wendy Benjaminson, Deputy Managing Editor, US Government News, Washington at Bloomberg News, said that some of the agencies involved in this executive order would be the IRS, CFTC, National Security Council, FTSE, among others.
The agencies would tell the White House how they would regulate various edges of the cryptocurrency landscape. Then the Biden administration would pick what direction to go next.
Before talks about the Executive Order, which may or may not be true, regulatory oversight on the crypto market has been the topic of debate for months.
Led by the SEC chairman, Gary Gensler, several legislators call for strict measures while many others advocate for better regulations to help the crypto market grow.
For a long time, the debate on the crypto regulations has led many to think that the US may follow China’s footsteps and place a ban on crypto until last week when the Federal Chairman and SEC chief assured that the US has no plans of putting a blanket ban on crypto-like China.
