THELOGICALINDIAN - The Executive Order will absolute government agencies to investigate cryptocurrency as a amount of civic security
The Biden Administration’s Executive Order administering government agencies to investigate cryptocurrency adjustment is accepted abutting week.
Regulatory Picture to Gain Resolution
The Biden Administration is accessible to advance advanced with its analysis into crypto regulation.
Next week, President Joe Biden will reportedly affair an adjustment mandating government bodies to abstraction cryptocurrencies and a axial coffer agenda bill as a amount of civic security. The Biden Administration’s aim appears to be to amalgamate letters from a advanced swath of government agencies to authorize a added synergized, holistic set of behavior for agenda assets. Upon arising of the directive, agencies will be accepted to address their allegation to the White House aural 90 to 180 days.
As allotment of its Executive Order, The White House will alarm aloft the Department of Treasury, the State Department, the Justice Department, and the Department of Homeland Security to accompany advanced letters on acquittal systems and the approaching forms money ability take. Additionally, The Banking Adherence Oversight Council will be tasked with assessing the furnishings agenda assets ability accept on banking stability. The Council was already directed to appraise stablecoins by the President’s Working Group backward aftermost year.
The abstraction of cryptocurrencies’ furnishings on bazaar antagonism will be tasked to the Attorney General, the Federal Trade Commission, and the Consumer Financial Protection Bureau. The closing two are additionally accepted to appraise agenda assets’ abeyant appulse on privacy.
The Treasury, alongside the Securities and Exchange Commission, assorted cyberbanking agencies, and the Commodities Futures and Trading Commission, will be captivated amenable for compassionate customer and broker aegis with attention to cryptocurrencies.
Additionally, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation will address to the President on accessible customer aegis issues with agenda assets.
The Executive Order is additionally accepted to assignment assorted agencies with analogous internationally on agenda assets standards and absolute several authoritative bodies to accept the abstruse requirements of a axial coffer agenda bill arrangement for the U.S.
Earlier this month, the Boston Fed, alongside The Massachusetts Institute of Technology, published the after-effects of Phase One of its Project Hamilton, a abstruse appraisal of CBDCs. Two weeks earlier, the Federal Reserve published its own CBDC report.
Some agencies accept not waited for the Executive Order to get started. Yesterday, the Department of Justice announced a Virtual Asset Exploitation Unit that will serve the Federal Bureau of Investigation.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
