White House is Preparing an Executive Order About Cryptocurrencies

It’s coming soon

It’s nothing new that the U.S. government wishes to create strong regulations regarding cryptocurrencies and their correlated financial services as well.

The Biden administration is about to launch an executive order regarding digital assets. In short, government officials will be selected to study crypto, non-fungible tokens, and other decentralized products to build a regulatory framework.

According to Barron’s, a source said that the executive order will be released through a national security memorandum. The document is expected to be published in the next weeks:

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space.”

Security

The risks and criminal uses of cryptocurrencies are the biggest preoccupations. After all, some technologies inside crypto override the state’s current financial control mechanisms.

That said, the U.S. government could aim to make partnerships with other countries to make an international regulation with more accurate control over what users are doing.

Possible impacts on market

The government wishes to see everything that its population is doing regarding digital assets, which is not the main goal of cryptocurrencies: they were designed for private, personal use only.

The United States is one of the strongest crypto markets worldwide, both in volume and mining; if the regulations become too aggressive, this could lead to unprecedented changes in its market capitalization.

Meanwhile, some lawmakers are trying to make things a little lighter for crypto users; there is still some controversy, and discussions about a correct regulatory framework are far from ending.

The bottom line

It’s too soon to tell what the government is planning exactly. Biden isn’t very fond of cryptocurrencies and some officials disagree on doing an aggressive regulation framework.

Comprehensive and cohesive regulation is key — for crypto and USA both. It could guarantee a healthy and safe environment for everyone involved.

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