The White House intervenes in regulatory uncertainty about cryptocurrencies. Many institutions, including the SEC and CFTC, have yet to offer a clear framework, despite years of research. According to US sources, a presidential mandate to formulate government strategy will be issued as early as February. cryptocoin.com We pass on the details.
White House steps in for cryptocurrencies
One of the biggest debates on cryptocurrencies is which institution will regulate it. Now the White House is pushing the button, while institutions like the SEC and the CFTC, led by Gary Gensler, publish research and reports. According to US sources, the White House will issue a presidential order on government strategy. Federal agencies will be required to prepare reports on the risks and benefits of cryptocurrencies. In addition, the White House will play a central role in regulating cryptocurrencies.
cryptocoin.com As we have reported, the CFTC, OCC and SEC have been working on cryptocurrencies over the past year. The SEC focused on Ripple, which is closely associated with the banking industry. Institutions have been preparing detailed reports on the regulation of cryptocurrencies since 2019, but the framework has not been clarified for years. On top of that, senior officials of the Biden administration are starting to work on a new directive. According to sources, the file will be presented to President Biden after the preparations of the authorities. In the same period, the Bank of Russia proposes a general ban on crypto mining and trading, and the SEC rejects MicroStrategies’ accounting for Bitcoin. While a softer policy is being followed on the US side, the discussions are stablecoin-intensive. The Fed announced its stablecoin report, which has been expected for months, in the past weeks.
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