Biden Is Revealing His Plan On Crypto Regulation Next Week
The Biden administration is gearing up to take action on crypto regulation in the US.
Covered:
- Biden’s Upcoming Executive Order
- Banter In Congress Over Crypto Regulation
Just when Russia decides to hop fully into the Bitcoin and crypto mining race, Biden announced that his administration would be regulating crypto “as a matter of national security.” Now, it appears that the US President’s executive order is right around the corner.
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Biden’s Upcoming Executive Order
— db (@tier10k) February 17, 2022
That’s right. Next week, we will all hear exactly what plans the Biden Administration has in store for crypto. The order will reportedly cast oversight on digital assets, CBDCs, and stablecoins. The executive order has been in the works for some time now, and crypto regulation has been a heavy focal point of discourse among US Congressmen for months now. Biden’s order should finally bring some clarity and *hopefully* find some consensus among both sides of the aisle.
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Banter In Congress Over Crypto Regulation
Throughout 2022, the Biden administration and Treasury Secretary Janet Yellen have been in stark disagreement over the upcoming executive order on digital assets. The bill was originally set to be introduced at the beginning of the year, however, the squabble between Yellen’s staff and officials on the National Economic Council delayed its progress, according to a report from Bloomberg.
Yellen thinks the plan for an executive order, or particularly any mention of a central bank-issued digital dollar (CBDC), is unnecessary. Her team said that the Federal Reserve, which released a report last month, is still developing its regulatory framework.
Context for it is
Bloomberg reported a while ago about this exec order expected feb
Yesterday bbg reported bickering between Yellen and WH over digital dollar inclusions, potential delay
Yahoo today say still going ahead for feb (next week)
— db (@tier10k) February 17, 2022
Now, we all know that Yellen has never been a fan of Bitcoin, but that’s not to be unexpected from someone sitting at the pinnacle of the American financial system. What’s interesting is the problem she’s seeming to have with the Biden administration’s executive order. If we’re hearing reports of bickering coming from the two parties just a week before it gets released, perhaps the order contains regulatory framework that Yellen, or any Bitcoin-skeptic for that matter, would have a problem with.
Now, there is no way to confirm that Biden’s crypto regulation will be bullish for Bitcoin and crypto, but the greater macro landscape may help Biden read the room a bit more clearly. Inflation has been soaring to 40-year highs while Russia and other major geopolitical pinheads have announced that they are getting in the Bitcoin game. It may just be a foolish idea for the US to sit out, we’ll just have to hope that the administration sees that.
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