WASHINGTON, DC – According to reports, the Biden administration has purportedly expressed interest in bringing forth a series of policies to regulate cryptocurrencies, such as Bitcoin, citing that the effort is a matter of “national security.”
A report from Bloomberg from earlier in January notes that the White House will be releasing an executive order in the coming weeks that will have federal agencies evaluating cryptocurrencies – specifically reviewing the benefits and caveats posed by them.
Apparently, the Biden administration has been holding several meetings regarding cryptocurrency recently. Reportedly, the final details regarding the federal agencies’ tasks will be fully fleshed out come the time the executive order is handed down.
The administration is reportedly approaching the matter of cryptocurrency as something of a national security-related endeavor, where the administration could develop and enact a “cohesive regulatory framework” that would impact Bitcoin, the amalgamation of alt-coins, and NFTs.
Speaking with news outlet Barron’s, a source reportedly close to the White House divulged that the administration will likely be looking to garner cooperation from other countries in this effort.
“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space. Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization.”
Throughout this endeavor to ascertain what alleged national security threats are posed by cryptocurrencies, reportedly the State Department, Treasury Department, National Economic Council, the Council of Economic Advisors, and the White House National Security Council will be involved.
But it’s not just the Biden administration who has their eyes on cryptocurrency.
Per a report from Yahoo Finance, Republican Senator Cynthia Lummis, who was cited as being “one of bitcoin’s most vocal advocates on Capitol Hill,” is reportedly expected to introduce a bill that would also see big government getting in the mix of crypto.
As Yahoo Finance reported, Senator Lummis’ “legislation would give guidance on which assets belong in which asset class and offer up new rules on taxing crypto and protecting consumers.”
Republican Senator Pat Toomey has also recently introduced a series of guidelines regarding how the U.S. government could get into the business of regulating cryptocurrency.