Cryptocurrency has taken the market in no time. With the ever-increasing number of investors in the crypto market, governments are now looking towards stringing policies to safeguard investors’ rights.
In the light of the same concern, the future order from the President is focused on making the federal agencies work towards developing holistic crypto regulations. This executive order is expected to float out within a few weeks.
Task Agencies To Develop Crypto Regulations Says, Biden
According to the Biden Administration, crypto regulations are necessary for investors and are a serious matter of national security. According to a source from the White House, the government is on its way to analyzing and understanding the digital assets for designing a regulatory framework.
The asset under consideration will include cryptocurrencies, stablecoins, and non-fungible tokens as a whole.
The Aim Of This Crypto Regulations
The goal of the administration to develop these crypto regulations is based on a holistic approach. The government is trying to develop policies that will smoothen the analysis and understanding of the same to a great extent.
Though the set of regulations will not include any recommendations directly from the White House, the agency recommendations there are worth a lot.
The different government parts involved in the policy formulation include the State Department, Treasury Department, Council of Economic Advisers, National Economic Council, and the White House National Security Council.
Long-Awaited Report Placed Crypto To Action
This decision was not made in a day but took a long time. The regulators in the US were trying to understand and get answers to various issues revolving around cryptocurrencies, which led to the development of the same. After a long wait, Federal Reserve finally released the report on digital currency on January 20.
This report put the force to move, and the US is now all set to act as a forefront in this space of innovation. While other nations are also approaching the concern of the Crypto regulations, the approach is quite varied. Most of the countries are moving towards a ban, but with the proposal of analysis from the Biden administration, there are chances of seeing the light soon.