US government develops unified crypto oversight plan

The Biden administration has drafted an executive order that could create a unified approach to regulating crypto.

White House could appoint Crypto Tsar

As first reported by Bloomberg, the ordinance would require federal agencies to study various areas of the cryptocurrency industry and create recommendations in those areas.

In particular, the decree covers areas such as financial regulation, economic innovation and national security.

The ordinance would pressure departments that have so far neglected cryptocurrency to address these issues. The White House could also appoint a “crypto tsar” to oversee the effort.

According to Bloomberg, it is still not decided whether the order will be released, but the Biden administration will unveil a comprehensive crypto strategy regardless of the outcome.

The White House has not commented on the news, while Bloomberg sources remain anonymous.

The American regulatory landscape is developing

Today’s news comes shortly after independent regulatory efforts. On October 6, the US Department of Justice announced plans to create a Crypto Enforcement Team. In September, the US Treasury announced sanctions targeting the use of cryptocurrency in ransomware.

Various officials also made statements on the regulations. In July, Federal Reserve Chairman Jerome Powell called for an “appropriate regulatory framework” to deal with stablecoins.

On October 5, Gary Gensler, chairman of the Securities and Exchange Commission, suggested that far-reaching crypto restrictions fall under government agencies other than the SEC.

Disclaimer: At the time of writing, this author held less than $ 75 worth of Bitcoin, Ethereum, and altcoins.