President Joe Biden To Issue Crypto Executive Order Next Week

President Joe Biden will issue a crypto executive order next week and will stimulate agencies to coordinate crypto rules in the region so let’s find out more in today’s cryptocurrency news.

The US President Joe Biden will issue a crypto executive orders directing the government agencies to study the specifics of the crypto industry and keep in mind that the leader imposed numerous regulations since the start of the presidency and he is also expected to urge the establishing rules in the crypto space too. The forthcoming directive should come next week as it will focus on central bank digital currencies.

The executive order is signed, written, and published directive from the President of the USA manages operations of the federal government so despite being important, it is now official legislation as Congress has authority to overturn it. President Joe Biden signed 80 such orders and as per the media coverage, this next one will be oriented towards cbdc, cryptocurrencies, and regulation on the market. The president could request from the Department of Treasury, State, Justice, and Homeland Security to design a regulatory framework for the entire industry. Those agencies should develop a report on the future of money and payment systems.

The crypto proponents argue that the world is going digital and placed BTC and other altcoins as teh center stage. They believe cash is not preferred anymore and at the same time, fiat currencies are also losing their value because of the rising global inflation that can make crypto an attractive option for investors. Biden’s executive order could look at measures to protect the busienss, consumers, and investors so the directive could call upon transparency and enhance KYC roles. The report also indicated that Biden’s administration will coordinate with other nations to standardize these crypto rules. Most wonder if the US lawmakers will introduce designed crypto legislation specific for the region and will treat the industry as traditional financial assets like bonds or stocks.

Biden’s predecessors, Barack Obama and Donald Trump also issued executive orders on digital assets while being in power. In 2018, Trump signed a directive barring US-based financial transactions that involved Venezuela’s national Petro cryptocurrency. Obama allowed authorities to confiscate crypto assets connected to significant malicious cyber activities and enabled officials to seize these tokens without prior notice.

The American government has no intention to ban crypto activities but the FED chair Jerome Powell asserted that adding more supervision is quite necessary. Stablecoins are assets that need special regulatory attention. Gary Gensler as well reiterated such plans raising concerns over stablecoins, arguing they could cause stability issues.