Reports are saying that President Joe Biden is in the process of signing an executive order that will control the crypto industry. Ever since resuming office, Joe Biden has been assumed the task of controlling just about everything. One of these is digital currencies. The reason behind the executive order is to get some clarity surrounding the landscape. This way, he can implement better controls on the industry and its related activities.
Originally reported by Bloomberg, the news cited an anonymous source. Of course, this shouldn’t come as a surprise to crypto experts who were expecting some move from the government. That’s because numerous members of Biden’s cabinet have already made statements that control is needed
Since Biden has no experience in making rulings regarding digital currencies, the executive order comes as a political move. The goal is to ultimately have a ruling that goes with his terms. Initially, though, the order will mandate various government agencies to offer recommendations based on their expertise.
There is already some news regarding the agencies that will be involved in offering recommendations. These are according to the Deputy Managing Editor, US Government News, Washington at the publication. Wendy Benjaminson listed that some of the agencies will be the treasury department and the national security council. Of course, the IRS, commerce department, CTFC, and national science foundation will play a role in the executive order as well.
The plan is that all the above-mentioned agencies will speak with the White House about the matter. They will explain how they will regulate different aspects of the crypto landscape. Then, the president’s administration would combine all the suggestions to form one well-rounded solution.
When it comes to the opinions of crypto enthusiasts, regulation is a divisive topic. On one hand, people like Elon Mush and Roger Ver, both proponents of anarcho-capitalism, say that crypto doesn’t need regulation. They think that the government only wants to take away users’ freedom and control people’s actions.
Then, there are pragmatic supporters of crypto, such as influential politicians, who are pro-regulation. In their opinion, regulations will help provide the ultimate legal safety that’s necessary for the public. This way, users will feel comfortable when investing in crypto. Eventually, it will lead to a larger number of institutional investments.
For instance, Brag Garlinghouse claims that there is and has been limited regulatory clarity surrounding crypto. He says that this is what slows down innovation in the crypto domain. Meanwhile, Rick McCracken of the Cardano Live Podcast said that crypto users should speak out against the executive order. In fact, he went as far as to compare the move to the 1933 executive order used to confiscate gold.