• A New US Crypto Regulation Expected To Drop Next Week

  • Good news for the digital assets space as US President Joe Biden will make a move to release new crypto regulations next week! The wide-ranging executive order will thoughtfully think through how to regulate crypto and provide ample support for the industry. The administration clearly understands crypto is here to stay and appears to be embracing that.

    New US Crypto Regulations

    The President will direct the agencies across the government to study cryptocurrency as well as a central bank digital currency (CBDC). The ultimate goal is to come up with a government strategy to regulate digital assets.

    The White House is mobilizing an alphabet soup of agencies to look at crypto. The Department of Commerce and Homeland security will develop a report on money and payment systems. Meanwhile, The Director of the Office of Science and Technology policy will do a technical evaluation. Eventually, they would give a recommendation on what might be needed to support a CBDC system.

    In addition, the Attorney General and Consumer Financial Protection Bureau will look at the overall impact on market competition. Lastly, the SEC and the Commodity Futures Trading Commission are teaming up to consider market protection efforts within their jurisdiction.

    The order will put preferential attention on measures to protect consumers, businesses and investors. It will also delve into privacy issues concerning digital assets as well as distributed ledger technology. The government is adopting a 360 analysis because the report will also consider the impact of digital assets on the environment.

    The studies by the different government sectors will be ready between 90 to 180 days. After that period, they would report back all findings and recommendations to the President. One thing’s for sure, the result of these studies will massively impact the crypto and digital payments market for the years to come.

    What's your reaction?