Joe Biden: cryptocurrency regulation is a matter of national security

Washington plans to lead an initiative to create norms for digital assets around the world

31.01.2022 - 12:40

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1 min

What’s new? Joe Biden’s administration wants to introduce new regulations on cryptocurrencies into the US national security memorandum. Barron’s publication reports that the White House plans to issue an executive order that will make federal agencies responsible for developing new regulations covering cryptocurrencies, stablecoins, and NFTs.

Information on Barron’s website

What is the president’s action? Biden has instructed the White House National Security Council to be one of the oversight bodies involved in the initiative. He has directed agencies to analyze the potential risks inherent in cryptocurrencies and create a regulatory framework.

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space.”

What are the prospects? Washington plans to lead an initiative to create consistency in the regulation of digital assets around the world. Given that cryptocurrencies are cross-border, stricter regulations can only be useful if they are extended internationally.

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