The US president, Joe Biden, will reportedly sign a long-anticipated executive order directed toward furthering crypto regulation in the country
While the order is not yet clear, the matter is still under speculation that an individual authority will have new regulatory leadership powers
Crypto regulation in the US has slowly ratcheted up in recent years, with greater reporting requirements placed on exchanges
President Joe Biden is reportedly preparing to sign an executive order on cryptocurrency policy this week. This is a statement by Reuters on Monday, which cited a person familiar with the matter.
Further, this order was all about seeking to appoint an individual with regulatory authority to oversee the crypto market. It could come as early as Wednesday, per the report.
Jurisdiction of digital asset market oversight continues to burn in the minds of regulators eager to close the gap on what they perceive as trading activity occurring outside their remit.
Benham Obeying the Orders of Joe Biden
During that hearing, Benham was asked whether a lead agency for regulating crypto should be established. Further, he added that his agency, along with the Securities and Exchange Commission, should share the responsibility.
It’s under speculation, particularly by Michael Fasanello, director of training and regulatory affairs at Blockchain Intelligence Group in January.
These agencies include the CFTC, the SEC, the Financial Crimes Enforcement Network and the Office of the Comptroller, according to Fasanello.
Though some, including SEC Commissioner Hester Pierce, have said adding a new regulator to the mix in an already “fragmented regulatory system” for financial products should not be a top priority.
Moreover, crypto regulation in the US has slowly ratcheted up in recent years. Further with the greater reporting requirements placed on exchanges as well as scrutiny toward stablecoins. This value is generally pegged to fiat currency or commodities.
Last year, the Treasury Department pushed out a requirement for individuals to report transactions in crypto exceeding $10,000.
