Sources say that the Casa Blanca plans to issue an executive order for a group of governmental and regulatory agencies to begin work on a comprehensive regulation applicable to Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and the main cryptocurrencies.
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Recently published reports indicate that, President Joe Biden’s administration is contemplating issuing an executive order directing major U.S. federal agencies to work on regulating digital assets such as Bitcoin, to which it will apparently assign national security priority.
U.S. Government to launch executive order to regulate cryptocurrencies
This was revealed in a recent article published by the news agency Bloomberg, where sources familiar with the case indicated that this new executive order would be part of a large-scale strategy about which more will be known in the coming weeks, whereby federal agencies will be in charge of assessing risks and opportunities posed by cryptocurrencies for the U.S. government.
According to sources, senior officials have already been in several meetings to discuss this plan, so it would be drafting an executive order where all the details associated with this operation will be specified. This would place the Casa Blanca in the most important regulatory position among the attempts seen so far to regulate cryptocurrencies at the local level.
National Security Issue
The most noteworthy aspect, however, is that the category under which this executive order would fall is under the category of “National Security” This would make the issue a priority among the myriad of issues currently being discussed at the state level.
In this regard, one of the sources commented as follows:
“This is designed to look holistically at digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets and develop a set of policies that give coherence to what the government is trying to do in this space. Because digital assets don’t stay in one country, you need to work with other countries in synchronizing [efforts].”
Multi-agency coalition
In terms of approaching these regulatory efforts, it seems that the Department of State, the Department of the Treasury, the National Economic Council and the Council of Economic Advisers, as well as to the White House National Security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. Council. The premise behind this alliance is that cryptocurrencies could pose economic risks to national security.
Al respecto, la fuente indicó que la idea es corregir el enfoque desordenado y desarticulado con el cual se ha venido abordando a las criptomonedas actualmente. En ese sentido, por un lado está la Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) and on the other the Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC), which have yet to reach a consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. on whether or not certain digital currencies could fall under securities laws.
A complicated time
The intentions on the part of the Biden administration come at a particularly complicated time for cryptocurrencies, as for some weeks now the market an area or arena, online or offline, in which commercial dealings are conducted. has been going down amidst a series of announcements, mainly related to the US economic situation and measures taken by the Federal Reserve (FED ) to deal with inflation a general increase in prices and fall in the purchasing value of money. affecting the U.S. currency.
Beyond the measures taken by the FED, On the international scene, one of the problems that the crypto sector is beginning to face has to do with advertising campaigns, as certain countries are beginning to close refers to the closing price; similar to the same term used in stock trading. spaces for companies in the sector to reach large numbers of people with their products and services.
At the moment, the C asa Blanc a has not commented on these reports, but more information is expected in the coming weeks.
- Fed Chairman announces that bank interest rates will begin to rise starting in March of this year
- U.S. tax agency says it sees “mountains of fraud” in crypto, NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility.
- Russian authorities dismantle REvil hacking hacking is the process of using a computer to manipulate another computer or computer system in an unauthorized fashion. group, responsible for several cyberattacks on U.S. companies
Source: BitcoinMagazine , Bloomberg , Twitter
Version by Angel Di Matteo / DiarioBitcoin
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