Researchers and speculators see that the Joe Biden administration has begun to be aggressive in the way they handle the crypto market. In the next few weeks, the White House is expected to issue an executive order declaring cryptocurrency regulation under national security. This will cause the level of focus to be increased thus requiring different government agencies to monitor the crypto ecosystem.
Based on a report by Barron’s, the national security memorandum is working to achieve coordination between all government agencies to differentiate and limit the efficiency of each entity involved.
Currently, there are conflicting opinions on several aspects that exist in the cryptocurrency industry and their use in transactions. The IRS, CFTC, SEC, and OCC have issued numerous statements affecting the crypto industry. Several times, law enforcement agencies have worked separately on a nearly identical agenda-such as trying to curb privacy cryptocurrencies.
An unnamed source, reported to Barron that Joe Biden and his advisers wanted to unify the mission and vision which it had failed to achieve by the previous administration.
The State Department, the Treasury Department, the National Economic Council, the Economic Advisory Council, the White House National Security Council will be the entities responsible for issuing guidelines to regulate cryptocurrencies, stablecoin and NFTs.
In addition, the source noted that the Joe Biden administration also has a tendency to work with other countries to expedite regulation.
Industry players aren’t too surprised about this because since last year the administration has sounded out grants about the enactment of cryptocurrency regulation laws. Yet most of them including market players are not very keen if this action is realized.
This will make it difficult for the crypto industry to grow and the government will have to ban any cryptocurrency transactions that do not go through the legal process. So far there has been no official statement from the White House in commenting on the National Security memo.
