Joe Biden’s recent activities are sparking the debate in the community once again. According to the reports, he could be considering issuing an executive order on cryptocurrencies to better understand the landscape.
Bloomberg reported this news citing anonymous yet familiar sources. Several members of the executive cabinet of Biden previously put forward analogous pronouncements. Therefore, this news wasn’t much of a surprise because many ecosystem experts expected something similar.
Although the US president has no power over issuing effective laws on cryptocurrencies, the executive order is more of a political move. Apparently, Joe Biden wants to establish a ruling on his terms, hence this move. The report mentioned that this executive order would initially command several government agencies to offer suggestions regarding their areas of expertise.
Wendy Banjaminson, the Deputy Managing Editor at Bloomberg News, mentioned the following agencies that will be involved in this executive order:
- The Treasury Department
- The Commerce Department
- The National Science Foundation
- The FTSE
- The CFTC
- The IRS
- The National Security Council
All these agencies will inform the White House about their moves on regulating various elements of the crypto landscape. Consequently, the Biden administration would find ways to coordinate all of these competencies and visions uniformly.
On the other hand, supporters of privacy and anarcho-capitalism, like Elon Musk or Roger Ver, have different views. They argue that cryptocurrencies should be free from regulations, and the government should only focus on monitoring the ecosystem, ensuring users’ freedom.