7 Things You Should Know About the Biden Administration’s Upcoming Crypto Executive Order

7 Points You Should Know About the Biden Administration’s Upcoming Crypto Executive Order.

According to a Bloomberg report, President Joe Biden’s administration is currently preparing an executive order on crypto to oversee how the nascent asset class will be regulated. 

Cryptocurrency regulation has been an essential topic of discussion in recent times. Many traditional financial experts have called for general regulation to curtail the risks posed by this nascent asset class and explore its opportunities. 

Many crypto enthusiasts believe that clearer industry regulation would go a long way to attracting several institutional and corporate investors. 

So far, things have not entirely gone the way crypto users expected, as some countries have opted to clamp down on crypto-related activities like mining and trading and the asset’s use in payments. 

Last year, China took a rash decision against cryptocurrencies, announcing a total ban on all crypto activities. In a similar move, the Bank of Russia is also calling for a ban on cryptocurrencies, citing that the asset class is mainly used to fund illicit activities. 

However, Russia’s finance minister has spoken in favor of cryptocurrencies, saying they need to be regulated and not banned as demanded by the Bank of Russia.  

That said, the world is turning its attention to the United States’ upcoming executive order by the Joe Biden administration. 

You should know seven critical things about the upcoming Joe Biden executive order on cryptocurrencies. 

• President Joe Biden is preparing an executive order to set policies and regulate digital assets in the United States. 
• The directive is expected to be released as early as next month. 
• There are no specific details yet, but previous activities by the Joe Biden administration of crypto show the government is serious about regulating the industry, as officials see the asset class as a means used by criminals to finance illicit activities. 
• Federal agencies will be directed to discuss the risks and opportunities posed by cryptocurrencies. 
• The Fed’s advice will be combined with guidance from the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Office of the Comptroller of the Currency (OCC), in a bid to develop the executive order. 
• Senior officials of Joe Biden’s administration have met several times to discuss and finalize the details of the executive order, and a report is expected to be issued to the president in a few weeks. 
• The executive order will put the White House at the center stage of regulating cryptocurrencies in the U.S.