US presidential directive on cryptocurrency will be published in a couple of days

A presidential executive order to develop a comprehensive regulatory framework for the regulation of cryptocurrencies will be published in the United States next week.

Joe Biden will instruct the Department of Treasury, Justice, Homeland Security and other government agencies to study the specifics of the crypto market, as well as establish rules for digital assets, including CBDC.

During his presidency, Biden signed about 80 such decrees. The new one will deal with cryptocurrencies and their regulation in the cryptocurrency market. True, this executive order will not immediately become official law, as it will need the approval of Congress.

 

 

The purpose of this decree will be the development of measures to protect consumers and investors. In particular, the cryptosphere can expect the expansion of KYC rules. The Biden administration in making decisions regarding the cryptosphere can use the developments of other countries in order to standardize the rules for regulating cryptocurrencies.

It is not yet known whether cryptocurrencies in the US will be regulated on their own, or whether they will be regulated like traditional financial assets. However, there is a high probability that the government does not intend to ban cryptocurrencies, unlike the PRC.

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