Multiple sources inside the White House are claiming that the Joe Biden led administration is proposing an executive order with regards to cryptocurrencies. According to Bloomberg, the draft proposal is still being considered, yet to be passed, and neither has it been officially confirmed.
The draft for an executive order regarding crypto, is reportedly being passed from hand to hand amongst top officials and regulators already. If passed, what the executive order would do is that, it would call various federal departments and agencies across the executive branch to action. And their action would be none other than researching the “relevant areas of crypto”. Also, by the reason of this order, agencies would be bound to offer recommendations and feedbacks, based on the results of their researches.
These feedbacks however, will ultimately help with regards to economic innovation, financial regulation, and national security.
Speaking to Bloomberg, an insider even says that some officials are already talking about appointing a “White House crypto czar” to lead these efforts. Meanwhile, White House has reportedly refused to comment on these rumors.
White House Not Alone
These rumors efforts come after the massive ongoing growth of the market capitalization of cryptocurrencies. As a result, there have been increasing concerns regarding its use, hence increase in regulatory scrutiny. For all intents and purposes, there are genuine concerns that crypto may be used as a means of money laundering and tax evasion. Even very recently, the US Treasury also weighed in on stablecoins, saying they are a threat.
Meanwhile, different countries have been approaching the crypto matter in different ways. Bringing us to the USA who’s taking a rather relatively centered approach to manage how cryptocurrencies are defined and regulated.
China however, which is also one of the world’s largest economies, just like the USA, is taking a much more conservative approach to crypto regulation. In fact, the country has made headlines many times this year for its comprehensive ban of all crypto activity.