The Biden Administration Is Preparing to Regulate Bitcoin
The Biden administration is preparing to draft Bitcoin and other cryptocurrency regulations.
“The Biden administration is preparing to release an initial government-wide strategy for digital assets as soon as next month and task federal agencies with assessing the risks and opportunities that they pose,” Bloomberg reported.
President Joe Biden’s approach could potentially enable the entirety of the federal government’s administrative apparatus to regulate cryptocurrency under the guise of national security.
Bloomberg said, “The late-stage draft of the executive order details economic, regulatory and national security challenges posed by cryptocurrencies. Meanwhile, the directive would also require other agencies to weigh in — carving out roles for everyone from the State Department to the Commerce Department.”
Globally, there are hundreds of millions of people who use cryptocurrency to store and grow their wealth and to make transactions. Largely, the appeal of cryptocurrency is that it is unregulated and not connected to global financial institutions. There are trillions of dollars invested in cryptocurrencies; this asset class was able to grow so rapidly and robustly precisely because there was minimal regulation restricting its growth and use. (Read more from “The Biden Administration Is Preparing to Regulate Bitcoin” HERE)
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