BREAKING: Biden to Sign Exec Order to Regulate Cryptocurrency

[currenzcraze]

BREAKING: Biden to Sign Exec Order to Regulate Cryptocurrency

By Amber Crawford | Mar 7, 2022 

 

Biden will reportedly be signing an executive order later this week which will outline the government’s strategy for cryptocurrencies, marking the first step towards the regulation of digital currency. This initiative, which has been in the works since last year, has been expedited in order to ensure Russia doesn’t try to use crypto to circumvent sanctions levied by the U.S. and its allies.

Detailed information on this order has not been released yet, but is anticipated to inform government agencies on what steps they must take to develop regulations on digital currencies.  Federal agencies will also be required to report what they’re doing in terms of digital tokens later this year.

Bloomberg reports that the order “will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets.”

Additionally, according to Decrypt,

“The executive order will reportedly help coordinate the role of agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission on cryptocurrency. Industry actors have long complained that guidance from the SEC and other agencies has been unhelpful as they seek to be compliant with U.S. law.”

Russia’s use of digital currency has raised significant concern that the country will use it to evade the recent sanctions which have crippled the ruble and closed the country’s stock market.

 

Last week, Treasury Secretary Janet Yellen discussed the possibility of cryptocurrency providing Russia a way of circumventing the sanctions placed on them. “We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them,” said Yellen. “I often hear cryptocurrency mentioned and that is a channel to be watched.”

In the past, action evasion via cryptocurrency has been experienced with Iran and Venezuela, which have helped inform the government’s efforts in this initiative.

The Acting Director of the Treasury’s Financial Crimes Enforcement Network (FinCEN), Him Das, issued a statement saying, “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”

FinCEN issued an alert on Monday to financial institutions, advising them to be “vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine.”

[MyLadiesDaddy]

29 minutes ago, currenzcraze said:

Biden to Sign Exec Order to Regulate Cryptocurrency

Like we didn't see that coming. 

 

Could you please post a link for the article, thanks. 

 

 

[ronscarpa]

2 hours ago, ladyGrace'sDaddy said:

Like we didn't see that coming. 

Could you please post a link for the article, thanks. 

 

https://100percentfedup.com/breaking-biden-to-sign-exec-order-to-regulate-cryptocurrency/

[DIAMOND]

times like this reminds me why I don't do crypto,was just a matter of time before gov joined in

[MommaMia]

29 minutes ago, DIAMOND said:

times like this reminds me why I don't do crypto,was just a matter of time before gov joined in

My thoughts exactly.

[currenzcraze]

10 hours ago, ronscarpa said:

 

https://100percentfedup.com/breaking-biden-to-sign-exec-order-to-regulate-cryptocurrency/

Thanks Ron

[divemaster5734]

They can only regulate the crypto that stored in an online bank.

A simple thumb drive can keep it away from prying eyes.

That said, unless some dark web coin exchange pops up, the crypto in your thumb drive wont do any good without a Point Of Sale transaction.

Even though there's an app for that, it will definitely cripple the commerce that the block-chain was created for, besides the cartel money laundering thing... 

 

[MyLadiesDaddy]

My third largest holding is in Cryptos. And at the present time, like most people, I'm down about 50%. Though financially I am in a position to wait it out if Dumb Dumb aka ((Obama)) signs any XO with intent to control Cryptos I'm getting out. 

With the exception of a few alt coins. 

 

Cryptos was always billed as a means of getting out of the system. And if you go to the Crypto section to look at my older post you will see that I've said from the beginning the Banksters will never let that happen. I've made a decent profit in the interm, however, if the Banksters and the government are taking over, then Cryptos will become exactly what the Stock Market is today. A means of controlling the masses while stealing their wealth. 

[Sage449]

https://www.reuters.com/business/finance/biden-orders-government-study-digital-dollar-other-cryptocurrency-risks-2022-03-09/

Biden orders government to study digital dollar, other cryptocurrency risks By Andrea Shalal and Katanga Johnson

5 minute read

 

 

 

 

 

 

 

the creation of a digital dollar.

 

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WASHINGTON, March 9 (Reuters) - U.S. President Joe Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues, the White House said.

Bitcoin surged on the news as the administration's holistic and deliberative approach calmed market fears about an immediate regulatory crackdown on cryptocurrencies. In midday trading, bitcoin rose 9.1% to $42,280, on track for its largest percentage gain since Feb. 28. read more

 

Biden's order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on "the future of money" and the role cryptocurrencies will play.

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Wide-ranging oversight of the cryptocurrency market, which surged past $3 trillion in November, is essential to ensure U.S. national security, financial stability and U.S. competitiveness, and stave off the growing threat of cyber crime, administration officials said.

 

Analysts view the long-awaited executive order as a stark acknowledgement of the growing importance of cryptocurrencies and their potential consequences for the U.S. and global financial systems. read more

"The growth in cryptocurrencies has been explosive," Daleep Singh, deputy national security adviser for economics, said in an interview with CNN.

Cryptocurrencies and digital assets can affect how people access banking, whether consumers are safe and protected from volatility, and the primacy of the U.S. dollar in the global economy, he said.

 

The executive order is part of an effort to promote responsible innovation but mitigates the risk to consumers, investors and businesses, Brian Deese, director of the National Economic Council, and Jake Sullivan, White House national security adviser, said in a statement.

"We are clear-eyed that 'financial innovation' of the past has too often not benefited working families, while exacerbating inequality and increasing systemic financial risk," they said.

 

One key objective is to redress inefficiencies in the current U.S. payments system and boost financial inclusion, especially of poor Americans, about 5% of whom do not currently have bank accounts due to high fees, one official said.

Another key measure directs the government to assess the technological infrastructure needed for a potential U.S. Central Bank Digital Currency (CBDC) - an electronic version of dollar bills in your pocket.

 

But it could take years to develop and introduce a "digital dollar," administration officials cautioned on Wednesday, noting that the Federal Reserve in January had referred the issue to Congress. read more

 

 

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U.S. President Joe Biden and Commerce Secretary Gina Raimondo hold a virtual meeting with business leaders and state governors to discuss supply chain problems, particularly addressing semiconductor chips, on the White House campus in Washington, U.S., March 9, 2022. REUTERS/Jonathan Ernst

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Administration officials said the United States was taking great care to decide whether - and how - to move forward with developing a digital dollar, given the dollar's role as the world's primary reserve currency.

 

"We've got to be very, very deliberate about that analysis because the implications of our moving in this direction are profound for the country that issues the world's primary reserve currency," one of the officials said.

The order also encourages the Federal Reserve to continue research and development efforts.

Nine countries have launched central bank digital currencies, and 16 others - including China - have begun development of such digital assets, according to the Atlantic Council, leading some in Washington to worry that the dollar could lose some of its dominance to China.

 

The U.S. dollar remains underpinned by key fundamentals, including a commitment to transparency, the rule of law and the full independence of the Federal Reserve, the official said.

"The dollar's role has been and will continue to be crucial to the stability of the international monetary system as a whole. Foreign central bank digital currencies and their introduction by themselves do not threaten this dominance," the official said.

 

Asked whether China could develop a competitive advantage if it moved sooner, one administration official said U.S. officials would monitor developments with an eye to maintaining the centrality of the dollar in the global economy.

The order asks for over a dozen reports, including by the Securities and Exchange Commission and the Consumer Financial Protection Bureau, to assess issues raised by cryptocurrencies, including systemic risk and consumer protection.

 

One key objective is to redress inefficiencies in the current U.S. payments system and boost financial inclusion, especially of poor Americans, about 5% of whom do not currently have bank accounts due to high fees, an official said.

Industry executives, including Blockchain Intelligence Group's chief Lance Morginn, called the order shortsighted as it replaces industry request for a more broad U.S. embrace of crypto with more analysis and reporting.

 

"We're at a pivotal time in history where the world is watching how digital assets are being used in nation-building and how digital assets are creating transparency into financial transactions like never seen before," Morginn said.

"If the U.S. government takes too long to adopt policies toward digital assets, they run the risk of the industry moving to other financial capitals that are prioritizing blockchain technology."

Chairs of financial regulatory agencies, including the CFPB and the SEC, welcomed the move and said they would fully comply.

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Reporting by Andrea Shalal and Katanga Johnson; Additional reporting by Doina Chiacu; Editing by Michelle Price, Simon Cameron-Moore, Mark Porter & Shri Navaratnam

Edited March 10, 2022 by Sage449
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