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Wednesday, August 10, 2022

White House Has Been Preparing An Executive Order For Crypto

The current White House has been expected to put forward an executive order in the next few weeks about how the US Government would approach crypto. A source quite familiar with the plan of the Oval Office informed Barron’s that this executive order would be issued in a memorandum for national security.

The memorandum of Biden would assign some government departments to study the entire branch of cryptocurrency, as well as NFTs and stablecoins, with the goal of creating a regulatory framework that would be workable.

White House To Impose Executive Order On Crypto

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The source from the White House was quoted mentioned that the entire framework has been designed to look holistically at most of the digital assets while developing an entire set of policies that would provide much coherence to what the government was trying to do in the first place with the space.

There were already rumors of a potential executive order on crypto in the last couple of days. Incidentally, Forbes went on to report that the government entities would likely bring about issue reports on their findings by the middle of this year. 

The motive behind the executive order from the White House falling under the banner of national security is that the entire sector of cryptocurrency is a cross-border tool for shifting money.

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The ability of most decentralized blockchain technology to circumvent geo-specific surveillance or rules implies that the administration could push for international regulations with a few other countries. 

Eric Balchunas, the Senior ETF analyst at Bloomberg, also went on to note that the White House administration looking at crypto as a threat to national security could also be one of the reasons behind it constantly rejecting Bitcoin spot ETFs.

He also went ahead and referred to this new development as a broader crypto crackdown in a 28th January tweet.

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