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- The digital currency domain is being looked at by the Federal Government very keenly and they are planning on regulating it in the best possible way
- The various departments that will be covered in the order provided by the executive committee will include departments of Commerce, Security, Treasury and National Sciences
- A special Sprint Team has been set up, which includes the key players like the FDIC, the OCC, and the Federal Reserve, which enabled them to keep track of the various regulatory measures taken by the government
The digital currency domain is being looked at by the Federal Government very keenly and they are planning on regulating it in the best possible way. As per reports from Bloomberg, all the federal agencies will be receiving orders from the executive committee of the Biden admin. This step might require prior knowledge and a closer study on the entire industry of cryptocurrency, which will make them eligible to give their views on the industry’s regulations.
The various departments that will be covered in the order provided by the executive committee will include departments of Commerce, Security, Treasury and National Sciences. These departments will have to properly go through and study the various aspects of the cryptocurrency industry and only then will they have clarity with their position of responsibility in interacting with this highly volatile industry. The SEC and the CFTC have received innumerable requests to shred some light by commenting on this particular situation, but no positive results have been received yet. And a complete no has been received from the department of Treasury.
This entire process of regulating and studying the domain of digital assets has been practiced by the federal bodies for years now, and they have gained some keen knowledge in this area. Several letters pertaining to regulating and guiding the common men regarding the digital assets have been put forward by the CFTC, OCC, as well as the SEC. These letters have been highly explanatory regarding the compliance of the crypto industry with the laws put forward by the federal government.
A special Sprint Team has been set up, which includes the key players like the FDIC, the OCC, and the Federal Reserve, which enabled them to keep track of the various regulatory measures taken by the government, concerning the digital industry. There has been a huge amount of accelerated work that has been taking place to enhance the regulatory process, by the Biden admin. Several reports have been composed and many regulations have been laid down by the financial team of the President. The CBDCs are also closely looking at several tokens and trying to enhance the process at a faster pace.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
