The world of cryptocurrencies is eagerly awaiting the forthcoming workshop order the administration of US President Joe Biden, which should define the direction of cryptocurrency regulation. In this article, we will look at 7 key points that you should not miss.
What will the directive bring?
One of the most important topics in the world of cryptocurrencies is clearly regulation. Experts and financial experts have long called for general regulation of cryptocurrencies that could reduce emerging risks. In addition, regulation of the cryptocurrency sector would most likely succeed attract even more conservative institutional investors.
Some countries bypassed the regulation and went straight to a total ban on cryptocurrencies. It showed the most critical approach China. The most recent case is the Russian Federation, where the central bank calls for a total ban on cryptocurrencies on the grounds that these assets are used to illegal activities.
From this point of view, the attention of investors and fans is focused on the USA. These 7 key points about the forthcoming directive, you should know:
- The US President is preparing an executive directive to set rules and regulate digital assets in the US.
- The directive will most likely be published next month.
- No specific information is currently available. It is confirmed that President Biden’s administration is serious about cryptocurrency regulation. They justified this mainly by the threat of illegal activities carried out through cryptocurrencies.
- Federal agencies have been tasked with discussing the risks and opportunities of cryptocurrencies.
- The whole process will take place in cooperation between the Fed and the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Office of the Currency Controller (OCC).
- Senior officials in President Biden’s administration have discussed the details of the impending directive on several occasions.
- The White House is the main focus of the forthcoming directive on cryptocurrency regulation.