Joe Biden is reportedly considering a cryptocurrency executive order, again sparking a debate in the community.
It’s all under control?
Biden wants to regulate everything and it seems that cryptocurrencies are directly in his sights. The US President is apparently seriously considering passing a Cryptocurrency Executive Order to gain greater clarity of the landscape and to exercise better control over the cryptocurrency industry and activities.
The news, initially reported by Bloomberg, comes as no surprise to many ecosystem experts who were already expecting a move given earlier statements by various members of Biden’s executive cabinet.
Finally … a decree?
Since Mr. Biden lacks the ability to enact cryptocurrency laws effectively, the executive order is a political move by the Democratic president to try to make a decision on his terms. According to the Bloomberg report, the executive order will initially direct a large number of government agencies to issue recommendations regarding their areas of expertise.
According to comments from Wendy Benjaminson, associate editor of US Government News in Washington, some of the agencies involved in this executive order are:
- Treasury Department
- Department of Commerce
- The National Science Foundation
- Le FTSE
- The CFTC
- The National Security Council
The idea would be for all of these agencies to report back to the White House on how they regulate the different edges of the crypto landscape. Then the Biden administration would look for ways to uniformly coordinate all of these visions and skills.
The crypto sphere reacts
The issue of regulation in cryptocurrency is one of the most controversial among blockchain enthusiasts.
On the one hand, advocates of anarcho-capitalism and privacy, such as Roger Ver or Elon Musk, for example, argue that cryptocurrencies do not need regulations and that government efforts simply seek to monitor the ecosystem, take freedom from users and, in Ultimately controlling people.
Imagine you’ve been so brainwashed that you think some humans need other humans’ permission to send money.
On the other hand, more pragmatic managers, such as Michael Saylor, Brad Garlinghouse or influential politicians, claim that clear regulations will provide the greatest legal certainty necessary for the general public to feel safe enough to invest in cryptocurrencies, which will also lead to a greater influx. of institutional investments.
My main takeaway from this? Jay Clayton joins the choir des voix disant qu’il ya et qu’il ya a manque de clarté reglementaire pour la crypto et que cela étouffe l’innovation ici aux États-Unis (certainement ironique, mais mieux vaut dela que Never !)
On Twitter, the reactions from both sides were clear and swift.
David Gokhstein, founder of PAC Protocol, said that Biden’s move could bring clarity to the ecosystem and promote innovation, while others like Rick McCracken, host of the Cardano Live Podcast, called for comment and act against the move, likening it to the decree. of confiscation of gold in 1933.
I like cryptocurrencies. I have been studying it for several years, but also investing in it and working in this field. Also, I do articles on the subject where I try to be sharp.
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