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Biden Administration Is Planning An Executive Order On Cryptocurrencies

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Earlier this month, President Joe Biden said top US national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cybercrime.

Read: Bloomberg Believes SEC May Approve Four Bitcoin ETFs For The First Time By The End Of October



The White House is considering a wide-ranging oversight of the cryptocurrency market to combat the growing threat of ransomware and other cybercrime, a spokeswoman said on Friday.

Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold

“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.

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022

 

Ransom software works by encrypting victims’ data. Typically hackers will offer the victim a key in return for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.

Read: SEC Chairman, Gary Gensler Confirms That SEC Has No Plans To Ban Crypto

 

The oversight could include an executive order, Bloomberg News reported on Thursday. The spokeswoman did not comment on whether an executive order will be part of such oversight.

Bloomberg writes:

“The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter.”

Read: Federal Reserve Chairman, Said Fed Has No Intention To Ban Bitcoin Or Crypto





Earlier this month, President Joe Biden said top U.S. national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cybercrime.

Read: US Justice Department launches a National Crypto Enforcement Team

An online session hosted by the White House National Security Council will also be aimed at “improving law enforcement collaboration” on issues like “the illicit use of cryptocurrency,” Biden had said.

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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