Joe Biden is reportedly considering an Executive Order on cryptocurrencies, sparking the debate in the community once again.
According to a recent report citing anonymous sources familiar with the matter, it appears that US president Joe Biden might be working on a way to regulate digital currencies. The sources claim that Biden is considering an executive order that would bring clarity to the crypto landscape, but also exercise better control over the industry and crypto-related activities.
“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House National Security Council spokeswoman said.
Of course, things are not as simple as that, and the executive order would mandate a great number of government agencies to issue recommendations for crypto, based on their own areas of expertise. That would mean that the president has to include at least six or seven different agencies, such as the Commerce Department, the Treasury Department, the CFTC, the IRS, National Security Council, the National Science Foundation, and the FTSE, to name a few.
The idea would be that all of these agencies will inform the White House on how they would regulate various edges of the cryptocurrency landscape. Then the Biden administration would look for ways to coordinate all of these visions and competencies uniformly.
For now, the White House neither confirmed nor denied that something is going on involving a move to regulate crypto, so the rumour continues to be just speculation, adding more fuel to one of the most divisive issues in the blockchain sector.
