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- By wednesday, the Biden government is supposed to sign and disseminate an executive order concerning cryptocurrency.
- The executive order will give directions to governmental agencies, with a three- to six-month timeframe for reporting.
- This decree was supposed to be issued around February 18, however it was postponed.
The executive order was supposed to go into effect in late February, but it was postponed. This week, US President Joe Biden is expected to sign an executive order on crypto policy. President Joe Biden is expected to sign his long-awaited executive order setting the tone for comprehensive cryptocurrency regulation in the United States this week, according to sources familiar with the subject.
Once, An Ordering Was Postponed
The decree directs federal government authorities to research cryptocurrency-related issues and provides a comprehensive regulatory framework. Among the themes discussed are potential legislative changes, security implications, and economic consequences of bitcoin adoption. The report will also require those entities to report to the federal government any operations using digital assets.
Members of the cryptocurrency industry have complained about a lack of regulatory clarity, according to Bloomberg. The US government is under pressure to play more of a coordinating role, according to Bloomberg. Several companies, including Coinbase and FTX, have made regulatory reform ideas. Bloomberg got its information from insiders, and the White House hasn’t issued any formal pronouncements on the subject. The executive order has already been delayed, according to Jennifer Epstein, a co-author of the Bloomberg piece.
In October 2021, the order was originally explored. It was originally scheduled to be issued in late February but was postponed owing to a disagreement between Biden and Treasury Secretary Janet Yellen. Given that federal agencies were already working on regulatory activities, Yellen claimed that the executive order was superfluous. Despite the delays, Epstein is optimistic that the report will be issued soon. On the crypto EO, there have been a lot of fits and starts, she said, but this week’s timeframe is real.
Someone Else Has Advocated On Changes Towards The Legal Regime
CNBC’s Kayla Tausche confirmed the report, indicating that the directive will be issued by the Biden administration by mid-week. She also stated that the order will coordinate policy-making for digital assets between agencies, with three to six months to report back. Several government officials have independently expressed their opinions on the current situation of crypto laws. Chairman of the Senate Finance Committee, Ron Wyden, stated this week that he is opposed to strict crypto rules.
Senators Elizabeth Warren and Sherrod Brown, the chairman of the Senate Banking Committee, have voiced worry that cryptocurrencies could be used to circumvent Russian sanctions, and have questioned whether current rules can prevent this. Over the last few months, SEC chair Gary Gensler, Treasury Secretary Janet Yellen, senator Cynthia Lummis, and senator Wendy Rogers have all remarked on regulatory issues.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
