The Biden administration is currently working on developing a new regulatory framework for the growing crypto market industry. According to sources close to the matter, the current chairman of U.S. SEC, Gary Gensler could likely approve on a new Bitcoin ETF.
Biden Administration Developing a New Crypto Regulatory Framework
On April 19, FOX News correspondent, Charlie Gasparino, appeared on FOX Business saying said that that sources closer to the matter have told him that the President of the United States, Joe Biden’s administration is currently working on a new regulatory framework for cryptocurrencies.
BREAKING — @JoeBiden Admin is in the early stages of developing a regulatory approach to the booming crypto biz, sources tell @FoxBusiness. Will discuss w @LizClaman what's being kicked around re regulation, @SEC_Enforcement activities and the possibility of a $BTC ETF
— Charles Gasparino (@CGasparino) April 19, 2021
Gasparino indicated that the crypto regulation could come very soon, however did not provide any clarity around the new legislation.
According to him, the newly appointed SEC chair Gary Gensler is waiting on the Treasury to enforce regulations.
Apparently, Deputy Treasury Secretary Wally Adeyemo will play a major role in the crypto regulatory framework headed by Secretary of the Treasury Janet Yellen.
Furthermore, sources close to the U.S. SEC told Gasparino that the commission is debating whether to approve a Bitcoin exchange-traded fund (ETF), saying:
“That’s a huge debate at the commission level between Republican commissioners and the Democrats about this issue.”
Based on Gasparino’s discussion with his sources, he believes that cryptocurrencies are here to stay, and its unlikely that the new asset class would be outlawed, saying:
“Too many American investors are in this space right now. There will probably be more regulation.”
U.S. SEC Holding Up on Approving a Bitcoin ETF
Earlier last week, MIT professor Gary Gensler was confirmed to head the U.S. Securities and Exchange Commission. He had previously served as the chairman of the Commodity Futures Trading Commission (CFTC).
The U.S SEC is currently speculating on approving a Bitcoin ETF in the country. The regulatory agency has been long delaying the issuance of exchange traded funds around digital currencies.