Biden is watching you! – The President of the United States, Joe Biden, is said to be about to sign a Executive Decree. This decree will describe the government plans for the Bitcoin and cryptocurrencies. The order will charge the federal agencies US to review potential regulatory changes. This decree will establish the consequences of cryptos on the national security and the economic impact of the market.
An Executive Order for Bitcoin and Cryptocurrencies
The executive order to be signed by Joe Biden aims to instruct federal agencies toassess the risks and the opportunities that Bitcoin and cryptocurrencies represent in the United States. Also, it aims to describe the government’s strategy for the regulations market, Bloomberg reported.
The order will give the green light to federal agencies to examine the changes potential regulations regarding cryptocurrencies. Also, it will measure the impact on national security and the economic impact of Bitcoin and cryptocurrencies. Biden is commissioning the agencies to report their findings on the subject.
“ The executive order, which has been in the works since last year, will hold federal government agencies accountable later this year for what they are doing regarding digital assets. (…) The plan will begin to define roles for agencies across government, from the State Department to the Department of Commerce. »
Bloomberg report
Bitcoin has been in the spotlight ever since the United States and its allies began imposing restrictions. restrictions to Russia. The goal is to isolate the country’s economy and suppress its ability to advance in its invasion of Ukraine. Bitcoin is a alternative tangible for Russian citizens who are now unable to send and receive money freely. However, it is also not intended to help the country of the tsars to get around Western sanctions.
US lawmakers have expressed concerns about such a possibility. Senator Elizabeth Warren sent a letter to the Department of treasure. Indeed, she wanted to know her plans to fight against a possible Russian use of Bitcoin and cryptocurrency.
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A matter of national security
The White House wants to define a coherent set of policies for regulate bitcoin and cryptocurrencies. According to several reports, current legislation and its application are scattered between various sectors and agencies.
The request for an executive order is part of national security efforts. Indeed, the administration seeks to analyze cryptocurrencies and use a regulatory framework coherent. This framework concerns Bitcoin, other cryptocurrencies, stablecoins and NFTs.
According to a source close to the White House:
“This is designed to look at digital assets and develop a set of policies that give consistency to what the government is trying to do in this space. (…) As digital assets do not stay in one country, there is a need to synchronize with other countries”.
Regulatory efforts would involve the State Department and the Treasury Department. They also concern the National Economic Council and the Council of Economic Advisers, as well as the National Security Council of the White House. The administration believes that cryptocurrencies have ” economic implications for national security ».
The White House plan is to ” cleaning up the haphazard approach the government is currently using to regulate crypto ». Currently, different aspects of the crypto market are handled by different agencies. Among others, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. However, there are few coordination regarding the classification of different assets in the market.
OFAC has published a settlement asking US-based businesses and individuals not to facilitate crypto transactions from certain Russian nationals and banks. Indeed, Joe Biden has ordered sanctions against Russia. However, Senators Warren, Warner, Brown and Reed are asking for clarification Treasury on OFAC tools. They also ask the coordination with other governments. Recall that the FED has already asked to regulate cryptocurrencies in order to block Vladimir Putin.
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