The White House will pursue crypto regulation as a matter of national security
Led by US President Joe Biden, the White House is likely to issue an executive order directing federal agencies to address the cryptocurrency industry as a matter of national security.
According to the source close to the White House plan, the national security memorandum is expected to be released in the coming weeks, Barrons reported.
Executive decree in preparation
The memorandum would task government bodies with analyzing the crypto space and designing a regulatory framework for all its sectors – from Bitcoin, at stablecoins and NFT.
the person said:
“This is designed to holistically look at digital assets and develop a set of policies that give consistency to what the government is trying to do in this space,”
Rumors that the Executive Order was being prepared for February release were spurred late last week.
Last Friday, Bloomberg reported The White House is preparing to “place itself at the center of US crypto policy” – citing unnamed sources familiar with the matter. The report revealed that senior administration officials are in the advanced stages of drafting the executive order.
The document would “detail the economic, regulatory and national security challenges posed by cryptocurrencies” – calling for reports from government agencies by the second half of the year.
A complete analysis
Various studies by federal agencies – including everyone “from the State Department to the Commerce Department” would help shape an overall regulatory strategy.
Tasked with investigating all aspects of the industry, the agencies’ reports are expected to assess crypto’s possible systemic impacts, analyze its illicit use cases, but also weigh and protect the country’s competitive role in the space.
With the US government’s heightened focus on crypto regulation comes an exploration of the possibility of CBDC issuance, as the Federal Reserve recently did. Published a preliminary report on the matter – opening a public comment period until May.
However, the United States is not alone in this, with countries like India and Russia is also currently considering ways to regulate the crypto industry and pass tax laws.
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