President Biden, it seems wants to control and regulate everything, and the cryptocurrency industry appears to be right in his sights. According to reports, the president of the United States is seriously contemplating issuing an executive order to regulate the cryptocurrency industry and have a better understanding of the landscape to exert greater control over the business and its operations.
The revelation, which was first reported by Bloomberg citing unidentified but familiar sources, came as little surprise to many ecosystem specialists who were already expecting some action given earlier statements by many members of Biden's executive cabinet.
Given Mr. Biden's inability to successfully enact legislation governing cryptocurrency, the executive order is a political maneuver by the Democratic president to try to establish a rule on his terms.
According to Bloomberg, the executive order would first require a wide range of government organizations to submit recommendations in their respective fields.
Some of the agencies implicated in this executive order, according to Wendy Benjaminson, Deputy Managing Editor, U.S. Government News, Washington at Bloomberg News, would be:
The Department of the Treasury
The Department of Commerce
The National Science Foundation (NSF)
The FTSE 100
The Internal Revenue Service (IRS) and the National Security Council (NSA)
The idea is that all of these agencies will tell the White House on how they plan to govern various aspects of the bitcoin ecosystem. The Biden administration would then seek methods to consistently coordinate all of these perspectives and competencies.
One of the most contentious issues among blockchain supporters is the issue of rules in the crypto-verse.
Imagine being so brainwashed that you believe some humans need permission from other humans to transmit money. #cryptocurrency
On the other hand, more pragmatic proponents, such as Michael Saylor, Brad Garlinghouse, and influential politicians, argue that clear regulations will provide the greater legal safety required for the general public to feel confident enough to invest in cryptocurrencies, resulting in a greater influx of institutional investments.
My main takeaway from this? Jay Clayton is joining the chorus of voices saying there is & has been a lack of regulatory clarity for crypto and that stifles innovation here in the US (definitely ironic, but better late than never!)
Both sides' replies on Twitter were unequivocal and quick.