Joe Biden is reportedly considering an Executive Order on cryptocurrencies, sparking the debate in the community once again.
Biden wants to regulate everything, and it seems that cryptocurrencies are directly in his crosshairs. Apparently, the president of the United States is seriously considering issuing an executive order on cryptocurrencies to get better clarity of the landscape and exercise better control over the industry and the activities related to it.
The news, which was initially reported by Bloomberg citing anonymous but familiar sources, comes as no surprise to many ecosystem experts who were already expecting some move considering previous pronouncements by several members of Biden’s executive cabinet.
Since Mr. Biden has no ability to effectively issue laws on cryptocurrencies, the executive order comes as a political move by the Democratic president to try to establish a ruling on his terms. According to Bloomberg’s report, the executive order would initially mandate a broad number of government agencies to issue recommendations regarding their areas of expertise.
According to comments by Wendy Benjaminson, Deputy Managing Editor, U.S. Government News, Washington at Bloomberg News, some of the agencies involved in this executive order would be:
The Treasury Department
The Commerce Department
The National Science Foundation
The National Security Council
The idea would be that all of these agencies will inform the White House on how they would regulate various edges of the cryptocurrency landscape. Then the Biden administration would look for ways to coordinate all of these visions and competencies uniformly.