Joe Biden is reportedly considering an Executive Order on cryptocurrencies, sparking the debate in the community once again. Biden wants to regulate everything, and it seems that cryptocurrencies are directly in his crosshairs. Apparently, the president of the United States is seriously considering issuing an executive order on cryptocurrencies to get better clarity of the landscape and exercise better control over the industry and the activities related to it.
Biden administration is weighing an executive order on crypto.
According to the Bloomberg report, the Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter. The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto — touching on financial regulation, economic innovation, and national security, said the people, who asked not to be named, discussing plans that are still under consideration. The report noted that the initiative would also aim to coordinate agencies’ work on digital currencies throughout the executive branch, citing its sources.
The crypto community responds.
The topic of crypto regulations is one of the most divisive among blockchain enthusiasts. On the one hand, advocates of anarcho-capitalism and privacy – like Roger Ver or Elon Musk, for example – argue that cryptocurrencies do not need regulations, and government efforts simply seek to monitor the ecosystem, subtract freedom from users, and ultimately control the people. On the other hand, the more pragmatic ones – such as Michael Saylor, Brad Garlinghouse, or influential politicians – claim that clear regulations will provide the greater legal safety needed for the mainstream public to feel confident enough to invest in cryptocurrencies, also resulting in a greater influx of institutional investments.