The White House wants to define a cohesive set of policies to regulate Bitcoin and cryptocurrencies, as current legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.
The Biden administration will issue an executive order in the coming weeks directing federal agencies to assess the risks and opportunities of bitcoin and cryptocurrencies. Bloomberg first reported.
The order is expected to be part of national security efforts as the administration seeks to analyze cryptocurrencies and employ a consistent regulatory framework that would cover Bitcoin, cryptocurrencies, stablecoins and NFTs, Barrons reported Thursday.
“This is designed to look holistically at digital assets and develop a set of policies that give consistency to what the government is trying to do in this space,” said a person familiar with the White House plan. Barrons. “Because digital assets don’t stay in one country, there is a need to work with other countries on synchronization.”
According to Barrons report.
The White House’s plan is to “tidy up the haphazard approach the government is currently using to regulate crypto,” the person said. Barrons. Currently, different aspects of the cryptocurrency market are handled by different agencies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, but there is little coordination and consensus regarding the classification of the many assets. different in the market.
According to Bloomberg report, senior administration officials had held several meetings on the plan, and the directive is expected to be presented to President Joe Biden in the coming weeks.
