Joe Biden could sign executive order on cryptocurrencies
During this week the president of the United States Joe Biden could legalize an executive order to promote the regulation of cryptocurrencies
US President Joe Biden will probably sign a long-awaited executive order during the week aimed at promoting the regulation of cryptocurrencies in the country, according to information published by specialized sources.
The information from Bloomberg and Reuters refers to the statements offered by officials of the Biden administration who asked not to be identified, but admitted that the president “would sign an order that will describe the US government’s strategy for cryptocurrencies”.
The legal norm will ask federal agencies to evaluate possible regulatory changes, in addition to analyzing the “national security and economic impact of digital assets”. It is assumed that the order “could centralize all powers of regulatory supervision in a single entity”. However, the scope or what such an executive order would actually mean is unclear.
Crypto market under scrutiny
A regulation of cryptocurrencies has been developing in the US for a long time, but in recent days it has again aroused interest due to the sanctions that the US government together with its allies imposed on Russia for the invasion of Ukraine, generating the concern of some organizations and individuals that Russia could try to “use cryptocurrencies to evade restrictions”.
Acting Director of the Treasury Financial Crimes Enforcement Network, Him Das, noted: “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrencies, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”
The crypto industry is currently facing intense scrutiny from lawmakers and “Senate Banking Committee Chairman Sherrod Brown over concerns that digital assets could be used to circumvent sanctions.”
On the other hand, the Joe Biden Administration is “under pressure” because industry executives consider that there are no clear rules that regulate the industry and it is urgent that the state assume “a more coordinating role on this asset class.”
M. Rodríguez
Source: diariobitcoin.com
