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As bitcoin and cryptocurrency prices rise across the board, the U.S. government is considering a regulatory crackdown on crypto, according to reports.
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The price of bitcoin has climbed 20% over the past month, adding more than $ 10,000 per bitcoin. The price of ethereum, cardano, Binance BNB, Ripple’s XRP, solana and dogecoin have followed the rise in bitcoin, helping the combined cryptocurrency market reach over $ 2.3 trillion .
Amid the huge crypto price pump, the Biden administration is weighing an executive order that would see a series of new rules related to bitcoin and cryptocurrencies, it was reported by Bloomberg, citing anonymous sources familiar with the matter.
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The Biden administration would consider an executive order that would mean a … [+]
AFP via Getty Images
The decree, which is still under review, would see federal agencies tasked with making recommendations on bitcoin and crypto and address “financial regulation, economic innovation and national security.” Bloomberg was briefed by White House insiders who added that a “crypto czar” could be appointed to “coordinate the agencies’ work on digital currencies.”
A Biden administration official told the newswire that even if the executive order is not released, the overall U.S. strategy for cryptocurrencies will still be made public.
Over the past few months, pressure has grown on regulators in the United States and around the world to curb the white-hot bitcoin and crypto market which has grown by nearly $ 2 trillion this year alone. and was placed in national limelight for use in the May Colonial Pipeline. ransomware attack.
Over the summer, the crypto community revolted against pressure from the Treasury for new cryptocurrency tax reporting requirements as part of President Joe Biden’s multibillion-dollar infrastructure package.
Treasury Secretary Janet Yellen said the government should create a regulatory framework for stablecoins, cryptocurrencies tied to traditional currencies or real-world assets that act as a major ramp for crypto investors, while influential US Senator Elizabeth Warren called on regulators to expedite a review of the impact of cryptocurrencies on the stability of the financial system.
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The price of bitcoin has risen 20% from the same period last month, going from less than $ 40,000 … [+]
Coinbase
However, Federal Reserve Chairmen Jerome Powell and Securities and Exchange Commission (SEC) Chairmen Gary Gensler recently said the United States will not follow in China’s footsteps in trying to ban bitcoin and cryptocurrencies.
In September, China extended an earlier ban on bitcoin and crypto mining, cracking down on all crypto trading activity. The move pushed the price of bitcoin down slightly, although it has since rebounded, as well as the price of smaller ethereum, cardano, Binance BNB, Ripple’s XRP, solana, and dogecoin coins.
Elsewhere, the Bank of England said this week that increased regulation of bitcoin and crypto is needed as cryptocurrencies are increasingly integrated into the UK financial system and the Bank for International Settlements, the organization that represents most of the world’s central banks, has released preliminary advice on how regulators can oversee bitcoin and cryptocurrencies.
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