Joe Biden is reportedly working on a new regulation to control the entire crypto industry that once again spread the debate to the community as we read more on the news today.
Joe Biden is said to be working under the new executive order that we regulate everything and it looks like crypto is in a state of failure.
The President of the United States is considering enacting an executive order on cryptocurrencies in order to achieve more operational clarity and a more regulated context and related industry activities. The news was originally reported by Bloomberg, citing anonymous sources, but it did not come as a surprise to most ecosystem experts as they expected a different move in light of the company’s previous claims.
Given Biden’s inability to enact crypto laws, the executive order was a political move by the president to try to reach a decision on the terms. According to reports, the implementing regulation will require a large number of government agencies to make recommendations on areas of expertise. As commented by Wendi Benjminson, assistant editor. Some of the agencies involved in the executive order are the Treasury Department, the National Science Foundation, the Department of Commerce, the FTSE, the CFTC, and the IRS.
The idea is that all agencies inform the White House about how they will regulate various aspects of the crypto landscape. The Biden government will then find other ways to unite all of these visions and capacities.
As recently reported, we saw a gas pipeline attacked by a new ransomware attack, which inspired the Biden administration to expand accountability among cryptocurrencies monitor and prevent these large-scale ransomware attacks from happening in the future. Ransomware payments exceeded $ 400 million last year, and Assistant Press Secretary Karine Jean-Pierre stated that Air Force One is also tackling ransomware as an administration priority. One of the ways to solve the problem is to track more cryptocurrencies as the majority of attackers are asking for BTC or some other cryptocurrency as a payment.
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