The government of Joe Biden is working on a digital currency monitoring order. According to Bloomberg, it is part of a countrywide attempt to control the bitcoin sector.
The order ties the US National Security Agency, the Treasury Department, the Department of Commerce, and the National Science Foundation to supervision. At the cost of $2.2 trillion, they will all assist President Obama’s administration in expanding regulatory powers over the economy. Departments are recommending a thorough examination of the sector and proposals for its oversight.
US federal agencies have been examining the cryptocurrency sector for years and have made different suggestions to the president about its regulatory and legal control. The SEC and the CFTC, for example, have already issued letters of recommendation to clarify how certain parts of the cryptocurrency business can comply with federal law. In addition, the OCC, the FDIC, and the US Federal Reserve formed a “sprint team” to coordinate the new asset class in early 2021.
Joe Biden‘s working committee plans to thoroughly explore the idea of developing a special charter for stablecoin issuers that would place them on par with banks in legal concerns, in addition to examining the digital currency sector. They plan to submit this report to the US Congress after compiling these theses into a single document. The Federal Reserve and the United States Central Bank will both issue reports on stablecoins simultaneously.
The president’s overall approach and America’s “crypto objectives” will most likely be revealed in the next weeks. However, considering the unfavorable attitude against digital currencies held by many lawmakers in the nation, many crypto community members are concerned that the restrictions would hurt the sector.