Biden administration to regulate Bitcoin, NFTs and cryptocurrencies as matter of 'national security' within weeks

The Biden administration has expressed its intent to develop a cohesive set of policies to regulate Bitcoin and cryptocurrencies as current legislation and enforcement are too scattered across the board – arguing that the move is a matter of national security.

ADVERTISEMENT
ADVERTISEMENT

The Biden administration has expressed its intent to develop a cohesive set of policies to regulate Bitcoin and cryptocurrencies as current legislation and enforcement are too scattered across the board – arguing that the move is a matter of national security.

According to Bloomberg, the White House will release an executive order in the coming weeks to task federal agencies with assessing the risks and opportunities posed by cryptocurrency. The publication reports that senior officials of the Biden administration held multiple meetings on developing the plan, with a full directive coming down from President Biden in a few weeks.

It’s set to come under the umbrella of national security efforts as the administration wants to analyze cryptocurrencies sand employ a “cohesive regulatory framework” that would cover Bitcoin, alt-coins, stablecoins, and even NFTs, Barron’s reported.

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space,” a source familiar with the White House’s plan told Barron’s. “Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization.”


 

The efforts involve the State Department, Treasury Department, National Economic Council, the Council of Economic Advisors, and the White House National Security Council as t he White House assesses and determines the risks posed by cryptocurrency to national security.

The Biden administration wants to “bring order to the haphazard approach that the government is now using to regulate crypto,” said the White House source to Barron’s.

At the present, different aspects of cryptocurrencies are handled by different agencies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. However, there is little consensus between the agencies when it comes to classifying the variety of different assets on the market, including NFTs.

ADVERTISEMENT
ADVERTISEMENT
Sign in to comment

Comments

Chris

This is my comment... Biden is horrible

Chris

I will Say it again Biden Sux

Chris

Testing the comments more

Matt

test time

Christopher

Just testing this again

Matthew

more comments

Matthew

more comments

Matthew

more comments

Matthew

more comments

Christopher

Check out the comments... That said Biden still is horrible. Kamala is worse.

Powered by StructureCMS™ Comments

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2024 The Post Millennial, Privacy Policy