Joe Biden is reportedly considering an executive order on cryptocurrencies, which has sparked debate in the community again.
The Biden administration is reportedly working on an executive order on cryptocurrencies
Biden wants to regulate everything, and cryptocurrencies seem to be right in the spotlight. The President of the United States appears to be seriously considering issuing an executive order on cryptocurrencies to gain an overview of the ecosystem and to have better control over the sector and related activities.
The reports, first published by Bloomberg with reference to anonymous but well-known sources, are not surprising to many experts who have already expected a step in the light of previous statements by several members of Biden’s executive cabinet.
Because Joe Biden does not have the power to enact cryptocurrency laws effectively, the executive order comes as a political move by the Democratic president to try his administration to make a final decision. According to the report, the executive order should empower a large number of government agencies to issue recommendations regarding their areas. Some of the agencies involved in this executive regulation will:
- Treasury department
- Sales department
- National Science Foundation
- FTSE
- CFTC
- IRS
- National Security Council
The idea would be that all these agencies would inform the White House on how they would regulate the cryptocurrency ecosystem. Then the Biden administration would look for ways to coordinate all these visions and recommendations.
The crypto-community is responding
The topic of regulation in the cryptocurrency sector is one of the most controversial among members of the cryptocommunity.
On the one hand, there are proponents of anarcho-capitalism and privacy, such as Roger Ver or Elon Musk, who argue that cryptocurrencies do not need regulation and governments simply try to monitor the ecosystem, take the freedom of cryptocurrency users, and ultimately control people.
On the other hand, more pragmatic ones, such as Michael Saylor, Brad Garlinghouse or influential politicians, argue that clear regulation will provide greater legal certainty so that the mainstream public feels calm enough to invest in cryptocurrencies, which will also lead to greater inflows of institutional investment.
On Twitter, the reactions from both sides were clear and quick.
For example, David Gokhstein, founder of the PAC Protocol, said Biden’s move could serve to foster innovation, while others like Rick McCracken of the Cardano Live Podcast called for people to discuss the move with their lawmakers and compare it to the executive order of 1933 on the confiscation of gold.
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