The OCC, SEC and CFTC have issued guidance letters to direct how crypto industry should comply with federal law
The White House is preparing an executive order that would describe a complete government policy on cryptocurrencies and urge Federal departments to assess their dangers and potential, which may be released as early as next month. The directive is likely to result in the development of a preliminary government-wide plan for examining the risks and possibilities associated with digital assets.
Despite the fact that the planned executive order has yet to be officially confirmed, key administration officials are allegedly holding many meetings to discuss the idea. In the next weeks, US President Joe Biden is likely to receive a draft of the instruction.
In the United States, cryptocurrency rules are still ambiguous. Bitcoin and Ethereum are considered commodities, and the Commodity Futures Trading Commission regulates any financial product involving them (CFTC). Other cryptocurrencies, on the other hand, are in a different scenario. Several cryptocurrencies were also nabbed by the US Securities and Exchange Commission (SEC), which accused them of being unregistered securities. The ongoing litigation against blockchain corporation Ripple, which purportedly generated $1.2 billion by selling unregistered coins, is one such example.
Congressman Tom Emmer, explained the ongoing work of the Congressional body in a recent interview. “In wake of the Infrastructure bill fiasco and misguided crypto tax amendment, key members on these committees spoke out and supported legislative fixes,” said the congressman. “There are several bipartisan, industry supported proposals on the table… but, we have yet to see anything pass out of Congress and get signed into law. We will very likely see this change after the midterms, so it’s more important than ever to start preparing our agenda for the next term.”
The Federal Reserve (FED) has previously stated that it has no plans to pursue a digital currency without the White House and Congress’s permission.