According to a recent report citing anonymous sources familiar with the matter, it appears that US president Joe Biden might be working on a way to regulate digital currencies. The sources claim that Biden is considering an executive order that would bring clarity to the crypto landscape, but also exercise better control over the industry and crypto-related activities.
Many among the experts do not find this surprising, simply because they expected a similar move given some of the past pronouncements by Biden’s cabinet members.
Of course, things are not as simple as that, and the executive order would mandate a great number of government agencies to issue recommendations for crypto, based on their own areas of expertise. That would mean that the president has to include at least six or seven different agencies, such as the Commerce Department, the Treasury Department, the CFTC, the IRS, National Security Council, the National Science Foundation, and the FTSE, to name a few.
The agencies would then have to provide recommendations to the White House on how they would approach the matter and regulate various aspects of crypto. Only after that would the Biden administration be able to start combining different approaches and create the ultimate one, by combining different ideas from different recommendations.
The White House remains silent on the matter
For now, the White House neither confirmed nor denied that something is going on involving a move to regulate crypto, so the rumor continues to be just speculation, adding more fuel to one of the most divisive issues in the blockchain sector.
Many continue to claim that the crypto industry must be regulated in order to progress, while others wish for the opposite, claiming that regulations are not necessary, and wishing that the crypto industry would be left alone.
And, as always, there are those who welcome the government’s alleged move, as well as those who condemn it and compare it to some previous bad decisions, such as the executive order to confiscate gold in 1933.
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