Joe Biden is reportedly reviewing the Cryptocurrency Executive Order, again causing debate in the community.
White House is considering ordering to strengthen crypto-surveillance
The US president wants to regulate things and it looks like cryptocurrencies are at the forefront. Apparently, the President of the United States is seriously considering enacting an executive order on cryptocurrencies in order to gain more clarity and control over the industry and related activities.
Since Biden is unlikely to be the best in enacting crypto legislation, the Executive Ordinance is a political move by him to try to make a decision on the terms. First, the implementing regulation will require a large number of government agencies to make recommendations in their areas of expertise. Specifically, both the Ministry of Finance, the Ministry of Commerce and the national security authorities must participate.
According to Wendy Benjaminson, Associate Editor at Bloomberg News, some of the agencies involved in this executive order will be:
- The financial
- Ministry of Economy
- National Science Foundation
- National Security Council
In addition, the Biden administration would like these units to clarify their responsibility for the monitoring of crypto and blockchain-related activities and thereby form a uniform legal position instead of a separate status between the authorities, as is the case today.
The topic of regulations in cryptocurrencies is one of the most controversial among blockchain enthusiasts. On the one hand, advocates of anarchist capitalism and privacy – like Roger Ver or Elon Musk – argue that cryptocurrencies need no regulation and that government efforts are simply finding a way to monitor the ecosystem, eradicate user freedom and ultimately control all.
On the other hand, pragmatists – like Michael Saylor, Brad Garlinghouse or influential politicians – claim that clear regulations provide the greater legal certainty that the public needs to feel safe enough to invest in cryptocurrencies, which also leads to a greater influx of . conducts institutional investments.
David Gokhstein, founder of PAC Protocol, said Biden’s move could bring clarity to the ecosystem and stimulate innovation, while others like Rick McCracken of the Cardano Live Podcast called for voice and action in 1933.
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