Joe Biden could work on executive order to control cryptocurrency industry, reports show
Biden wants to regulate everything, and it looks like cryptocurrencies are directly in his sights. Apparently, the President of the United States is seriously considering issuing a Cryptocurrency Executive Order in order to achieve better landscape clarity and exercise greater control over the cryptocurrency industry and activities.
The news, which was originally reported by Bloomberg citing anonymous but familiar sources, comes as no surprise to many ecosystem experts who were already expecting a decision given previous statements from several members of the executive cabinet. by Biden.
Since Mr Biden lacks the capacity to effectively enact cryptocurrency laws, the executive order is a political initiative by the Democratic president to attempt to establish a decision on his terms. According to the Bloomberg report, the executive order initially mandated a large number of government agencies to issue recommendations regarding their areas of expertise.
According to comments from Wendy Benjaminson, associate editor, US Government News, Washington at Bloomberg News, some of the agencies involved in this executive order are:
- The Treasury Department
- The Sales Department
- The National Science Foundation
- The FTSE
- The National Security Council
The idea would be for all of these agencies to brief the White House on how they would regulate different aspects of the cryptocurrency landscape. Then the Biden administration would look for ways to evenly coordinate all of these visions and skills.
The cryptocurrency team reacts
The subject of regulations in crypto-verse is one of the most controversial among blockchain enthusiasts.
On the one hand, proponents of anarcho-capitalism and privacy – like Roger Ver or Elon Musk, for example – argue that cryptocurrencies don’t need regulation and that government efforts are simply seeking to monitor the ecosystem, to take freedom from users, and ultimately to control people.
Imagine being brainwashed so much that you think some humans need permission from other humans to send money. #cryptocurrency
– Roger Ver (@rogerkver) April 7, 2021
On the other hand, the more pragmatic, such as Michael Saylor, Brad Garlinghouse or influential politicians, claim that clear regulation will provide the greatest legal certainty necessary for the general public to feel confident enough to invest in crypto. -currencies, which will also lead to an increased inflow of institutional investment.
My main takeaway from this? Jay Clayton joins the chorus of voices saying that there is and has been a lack of regulatory clarity for crypto and that it stifles innovation here in the US (certainly ironic, but better late than never !) 1/3 https://t.co / lLo4nJug01
– Brad Garlinghouse (@bgarlinghouse) June 7, 2021
On Twitter, reactions from both sides have been sharp and swift.
For example, David Gokhstein, founder of PAC Protocol noted Biden’s decision can serve to bring clarity to the ecosystem and promote innovation while others like Rick McCracken crom the Cardano Live Podcast have called for their voices to be heard and act against the movement, comparing it to the decree of confiscation of gold in 1933.
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