Last week, Fed Chairman Powell and SEC Chairman Gensler stated that they do not have an agenda to ban Bitcoin and cryptocurrencies, and Bitcoin rose by taking strength from these statements.
The fact that it is not banned does not mean that Bitcoin and cryptocurrencies will not be regulated.
Bloomberg today shared details about the Biden administration’s recent crypto action, citing anonymous sources.
According to the report, the Biden administration will require federal agencies to examine the crypto industry and eventually produce a report.
Agencies requested to investigate will include the Department of the Treasury, the Department of Commerce, the National Science Foundation, and national security agencies.
In the order, which is expected to be signed by Biden, some issues will be clarified in addition to the review requests. The order is also expected to clarify the liability limits of institutions in the crypto and blockchain field.
No statement from the institutions confirming the issue has yet been received.
In fact, federal agencies have been working or providing regulatory guidance on the digital asset industry for years. The Office of the Currency Supervisor (OCC), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) have published many guidelines over time to guide how different aspects of the crypto industry should be compliant.
The final order to be issued by the Biden administration is expected to make this effort more coordinated.
While calls for regulation on cryptocurrencies are increasing in the USA, it seems that the government has accelerated its preparations on this issue.