Is the US preparing new crypto regulation?

Is the US preparing new crypto regulation?
  • The Biden administration is preparing to release a strategy for digital assets next month and task federal agencies with assessing the risks and opportunities they pose.
  • Tasks in this project will seek to keep the US competitive as the world increasingly embraces digital assets.

In accordance with Bloomberg, For the next month of February, it is expected that the current administration of the White House will officially present a government strategy with a comprehensive approach around the policies, economic challenges and regulation that will prevail in the US against cryptocurrencies..

High-ranking officials of the Joe Biden administration have held multiple meetings on this plan that is being drafted as an executive order, hoping that in the coming weeks the directive will be presented to President Joe Biden in which Washington’s efforts to deal with it will be presented. with cryptocurrencies.

Report to understand the crypto ecosystem

The Financial Stability Oversight Board is expected to (FSOC), entity in charge of supervising the risks registered by the operation of the US financial system, sBe the author of a key report on the subject. To do this, it has involved the heads of the main surveillance agencies in the Washington sector.

At the same time, another report is being prepared that contemplates the lines of action to effectively counteract the illicit use of cryptocurrencies.

By the second half of 2022, several federal agencies are expected to jointly issue a report on the risks and opportunities of digital assets, based on the experience and work they have developed for years in this industry.

The Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) have all released some tips and informal statements on crypto regulation before, and all have agreed. in specifying details about the elaboration of norms regarding the way in which the emerging cryptocurrency industry must abide by federal laws and regulations.

Until now, these types of efforts had not been systematized in a single document, so the purpose is that all the agencies and organizations that participate work in unison in the future and with clear rules in the future.

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With the material, the Biden administration will be able to outline a comprehensive strategy for the crypto world and cryptocurrency exchanges, establishing a general and official government-wide approach to regulating the sector, and taking into account the multiple risks and opportunities.

Biden administration wants to ratify position

The news of the executive order towards the crypto field of the Biden administration was released after the Federal Reserve Board (FRB) presented an analysis document exposing the pros and cons of creating a digital currency of the bank (CBDC) for the US and the possible full digitization of the dollar. Both points are in a public consultation phase until May 20 of this year.

Consolidating the regulations related to cryptocurrencies is of great importance for the management of Joe Biden, since it means moving towards maintaining the leadership of the United States, amid the explosive movement that digital assets are registering worldwide.

On the other hand, a clear and punctual regulation regarding cryptocurrencies and their uses, can greatly satisfy some organizations, as well as politicians, spokespersons and personalities of the country immersed in the crypto ecosystem.

In what Joe Biden has been leading from the White House, a certain level of pressure has been appreciated for his Government to dictate specific rules that affect the development of the ecosystem, and several executives of the crypto sector have been attentive to any movement that is carried out at the respect.

With this comprehensive precept, the result of the work carried out by the Department of State and the Department of Commerce, the specialists ratify that a clear vision will be given of the general direction of US policy, and what this administration wants to carry out to promote a better economic and financial future, and thus be able to face, for example, that the adoption by China and other countries of currencies backed by the government, could threaten the dominance of the dollar.

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