US presidential administration prepares a decree on the supervision of cryptocurrencies
Today, the Joe Biden administration is in the process of preparing a digital currency oversight order. It is part of a nationwide approach to regulating the cryptocurrency industry, according to Bloomberg.
The order connects such structures as the Treasury Department, the Department of Commerce, the National Science Foundation, and the US National Security Agency to oversight. All of them will help the Administration of the President of America to expand powers to regulate the sector of the economy, at a cost of $2.2 trillion. Departments are urging to carefully study the industry and provide recommendations for overseeing it.
For several years now, US federal agencies have been studying the cryptocurrency industry and provide the head of state with various recommendations regarding its regulatory and legal regulation. For example, the SEC and CFTC have previously issued letters of recommendation in an effort to clarify how various aspects of the crypto industry can comply with federal law. In early 2021, the OCC, the FDIC, and the US Federal Reserve also organized a “sprint team” to coordinate the new asset class.
In addition to analyzing the digital currency industry, Joe Biden's working group intends to carefully consider the possibility of creating a special charter for stablecoin issuers that would put them on a par with banks in legal matters. Having formed these theses into a single report, they intend to submit it to the US Congress. In parallel with this, the Fed and the Central Bank of the United States will also release their reports on stablecoins.
The broader strategy of the presidential office and America's “crypto priorities” will most likely become known in the next few weeks. However, many members of the crypto community are nervous that the rules could harm the industry, given the negative attitude towards digital currencies on the part of many politicians in the country.
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