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US Government drafts a Unified Crypto Oversight Plan

Joe Biden’s administration

October 10, 2021

Reading Time: 2 minutes

The Joe Biden administration has issued an executive order that could create a unified approach around crypto regulation.

As reported by Bloomberg, the executive order will require federal agencies to study key areas of the cryptocurrency industry and create recommendations. The order concentrates on various bureaucracies such as financial regulation, national security, and economic innovation.

This new order will necessitate departments that had earlier overlooked cryptocurrency to shift their focus to the new revolution. Presumably, also, the White House could appoint a ‘crypto czar’ to supervise each step.

So far, the state of the order is still unclear, and we don’t know whether the order will be released altogether. Either way, Joe Biden’s administration must issue an overall crypto strategy regardless of how the executive order pans out.

The White House has not released an official comment on this news. The insights mentioned above are purely from Bloomberg, and their source remains anonymous.

The US Regulatory Landscape Enlargens

News on this executive order comes timely just after the US Department of Justice announced strategies to create a crypto enforcement team on October 6. A few days later, the US treasury announced sanctions that focused on the use of cryptocurrencies in ransomware.

Several other regulators have had opinions concerning cryptocurrency regulations around the world. In July, Jerome Powell, the chairman of Federal Reserve, called out on a more stable regulatory framework for stablecoins. Few days ago, the new chairman of the US Securities and Exchange Commission, Gary Gensler, suggested that the wide-ranging and often inhibiting crypto restrictions are the domain of government agencies and not just the SEC.

Considering the toll the crypto market is taking and its growing popularity in the marketplace, setting proper regulations is inevitable.

Whether it will be done by the executive order or other means, the White House has set a pace to bring a unified approach to crypto as opposed to an ad hoc approach.

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