Joe Biden Is Set to Sign an Executive Order on Crypto This Week
According to reports, the US president will sign a long-awaited executive order aimed at strengthening the country’s crypto legislation.
President Joe Biden is apparently set to issue an executive order on cryptocurrency policy this week, according to a Reuters storey on Monday, citing an unnamed source.
According to the article, the order, which may aim to designate a person with regulatory power to monitor the crypto market, might come as early as Wednesday.
Regulators’ desire to narrow the gap on what they consider to be trading activity happening beyond their scope continues to boil.
Last month, Rostin Behnam, chief of the Commodity Futures Trading Commission (CFTC), said at a Senate committee hearing that his agency wanted to be responsible with regulating the cryptocurrency spot market.
Benham was asked at the hearing if a lead agency for cryptocurrency regulation should be formed, and he said that his agency, along with the Securities and Exchange Commission, should share responsibilities.
It has been hypothesised — most recently by Michael Fasanello, head of training and regulatory relations at Blockchain Intelligence Group in January — that a new figure will be appointed to oversee various partner agencies.
According to Fasanello, these agencies include the CFTC, the SEC, the Financial Crimes Enforcement Network, and the Office of the Comptroller.
Though others, notably SEC Commissioner Hester Pierce, have said that adding another regulator to an already “fragmented regulatory framework” for financial products is not a priority.
Regulation of cryptocurrency in the United States has gradually increased in recent years, with increased reporting requirements for exchanges and more scrutiny on stablecoins, which are often tethered to fiat currency or commodities.
The Treasury Department mandated last year that people disclose cryptocurrency transactions worth $10,000 or more to the Internal Revenue Service.