Skip to content
Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

BIDEN ADVANCES PLAN TO REGULATE DIGITAL CURRENCIES

Some time in the next few weeks, president Joe Biden will issue an executive order directing federal agencies to assess the risks and opportunities that Bitcoin,  cryptocurrencies, stablecoins, and NFTs present to their operations, according to Bloomberg. 
“This is designed to… bring order to the haphazard approach that the government is now using to regulate crypto [and] look holistically at digital assets and develop a set of policies that give coherence to what the government is trying to do in this space,” an  unnamed person familiar with the plan told Barron’s
“Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization,” the person said. 
Currently, crypto is regulated in some ways by the U.S. Securities and Exchange Commission and also by the Commodities Futures Trading Commission but with little coordination or coherence between them.  
Key agencies involved in the analysis will include the state and treasury departments, the National Economic Council, the Council of Economic Advisers, and the National Security Council because digital assets have “economic implications for national security,” Barron’s said.  
TREND FORECAST:As we wrote in “SEC Push to Regulate Crypto” (7 Dec 2021), the SEC permitting Bitcoin ETFs, which it did last October, was the crucial step that legitimizes U.S. oversight and regulation of other cryptocurrencies. 
 Before the end of this year, a regulatory structure to govern digital currencies will be ready for Congress to consider. 
 Despite objections from some Republican politicians, which we sampled in “Regulator Calls for Few Rules on Cryptocurrencies” (15 Jun 2021), the U.S. Congress will move toward enacting a regulatory framework. 
 Other nations that have not already done so will then follow the U.S. lead. And as we have forecast, the tighter the government restrictions on crypto’s the lower their prices will fall.  

Comments are closed.