The White House has stepped in to help. We started at the bottom and have now reached the level of “national security concern.” of bitcoin and crypto. According to reports from Barrons and Bloomberg, the Biden administration is placing itself in the midst of cryptocurrency and Bitcoin regulatory discussions. According to reports, the White House will solicit feedback from a variety of departments before drafting a consolidated, all-encompassing policy. After all, it is “a issue of national security” that is being discussed.
It is expected that the Biden administration will soon announce the publication of an executive order that would charge government agencies with regulating digital assets such as Bitcoin and other digital cryptocurrencies as a matter of national security.”
Bloomberg elaborates on the concept and informs us of the extent to which this initiative has progressed:
How is the white house going to deal with Bitcoin and Crypto?
High-level administration officials have met many times to discuss the idea, which is being prepared as an executive order, according to the sources. The order, which will be delivered to President Joe Biden in the coming weeks, places the White House at the forefront of the nation’s efforts to deal with cryptocurrencies,” according to the White House.
Both publications talk about “the people” or “the person,” and admit that the White House refused to comment. However, it seems that everything is fixed in stone. “This is aimed to look at digital assets holistically and produce a set of regulations that offer coherence to what the government is attempting to achieve in this domain,” a Barrons source said. “Because digital assets do not remain in a single jurisdiction, it is vital to collaborate with other countries on synchronization,” says the author.
The State Department, Treasury Department, National Economic Council, and Council of Economic Advisers, as well as the White House National Security Council, are among the organizations engaged, according to the journal.
Gary Gensler seems to have been the biggest loser in this whole ordeal. Everything connected to cryptocurrency and Bitcoin regulation is handled by the Securities and Exchange Commission, which he oversees, or was handled by the SEC in the past. The White House’s new approach seems to bypass the organization in quest of an all-encompassing national policy that can be implemented throughout the country. Is this, on the other hand, a good idea? Gensler is, at the very least, well-versed in the subject matter under consideration.
What exactly did he do to throw the applecart off balance?
“A number of regulatory bodies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, keep an eye on the business. However, there is no agreement on issues like as whether certain tokens should be classified as securities, how to regulate exchanges, stablecoins, and high-yield loan products, and how to monitor them.”
Could it be that the White House is dissatisfied with Gensler’s decision? In the words of Bloomberg, “Some of those duties will be intended to guarantee that the United States stays competitive as the globe increasingly uses digital assets.” Is the White House attempting to loosen the rules governing the Securities and Exchange Commission? That would undoubtedly take the whole globe by surprise. We wouldn’t put too much stock in it, however.
Another idea is presented by Bloomberg at the conclusion of their story.
In light of the tremendous expansion of private cryptocurrencies and coins issued by other countries, especially China, a CBDC may be a viable option for the United States to remain competitive.” Without the approval of the White House and Congress, the Federal Reserve said that it does not plan to proceed further.”
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