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  • Home Alt coins Media: White House Will Assign Regulators To Provide Recommendations On Oversight Of The Crypto Industry

    Media: White House Will Assign Regulators To Provide Recommendations On Oversight Of The Crypto Industry

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    Crypto News

    Media White House Will Assign Regulators To Provide Recommendations On

    The administration of US President Joe Biden is considering issuing an executive order to federal agencies that will oblige them to study the crypto industry and provide appropriate advice on oversight. Bloomberg writes about this with reference to informed sources.

    According to the report, the order will apply to the Ministry of Finance, the Ministry of Commerce, the National Science Foundation, as well as structures related to national security.

    The initiative will focus on coordinating various departments – the Biden administration wants to develop a unified approach to digital assets. In addition, the document will “clarify the responsibilities” of the agencies in terms of overseeing the cryptocurrency industry.

    The interlocutors of the publication noted that officials are also considering the possibility of appointing a responsible person who will act as a coordinator on this issue.

    According to Bloomberg sources, the decision to publish the order has not yet been made. A spokesman for the presidential administration noted that even if Biden abandons the idea, the White House will still publicize a general strategy for cryptocurrencies.

    The alleged initiative is further confirmation that the US authorities have no intention of following the example of China and banning cryptocurrencies – instead, they decided to follow the path of regulation.

    At the end of September, chapter FRS Jerome Powell said at the end of September that the agency does not plan to block digital assets, but considers it necessary to include some of them in the legal framework.

    In October, a similar statement was made by the head of SEC Gary Gensler. He stressed that most cryptocurrencies correspond to the status of investment contracts, and stablecoins pose a threat to financial stability.

    In the same month, Biden announced that the United States would hold a meeting with representatives from 30 countries to jointly fight cybercrime and the illegal use of cryptocurrencies.

    Earlier, against the backdrop of several cyber attacks on large American companies, the presidential administration called the tracking of cryptocurrency transactions one of the possible options for combating ransomware.

    As a reminder, the US government is considering the possibility of including issuers of stablecoins in the legal framework, according to the WSJ.


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