An official from the Biden’s Administration tells that the Government has shifted its focus towards crypto regulation because the Government aims at curtailing the use of crypto for corruption and corrupt practices. The Government is pursuing the issue of crypto under the head of “national security interest” and it is expected that directives will be issued soon for preventing the misuse of crypto.
It is known by worldwide governments whether they like it or not but their people have a huge interest in cryptocurrencies. Although there are talks about crypto regulation governments are treading carefully because they don’t want to indulge in direct confrontation with people. But they are in fact trying to regulate crypto one way or the other. For instance, federal agencies of the US have been provided with directives issued directly from the Office of Joe Biden, the US President.
The directives have been issued under the garb of fighting corruption and corrupt practice while ensuring national security interest. US President has particularly asked the agencies to immediately start working on countering corruption and corrupt practices on a priority basis. The directives were issued directly from the White House in the form of a Memorandum.
It was told by a member of the Biden’s Administration that federal agencies have been directly asked to deal with the matter through the Memorandum. He told further that agencies have been given the task of firstly deal with the crimes spawning from financials. The agencies will be required to amend the prevailing anti-corruption legislatures for incorporating advancement and modernization. The purpose of amending the existing laws is to equip the agencies with the required tools for countering cyber and crypto-related crimes.
According to the official, the present US Government thinks that one of the major causes of illicit finance is the misuse of crypto. The official told further that it is also expected that the law relating to bank secrecy would also be amended. He said that this is important because there are several fresh technologies and responding to them would require overhauling of the system.
The Memorandum also calls for the agencies to develop a strategy that will be presented to the US President. On the other hand, the strategy will also include challenging the activities of illicit finance within and outside the US. For instance, it has been proposed that the corporate industry will need to appraise its actual beneficiaries. The information of actual beneficiaries will then be submitted before the US Treasury.
It shows that the US Government is trying to come around to the crypto regulation but from a different location. Even the tax authority of the US has been seeking information regarding crypto ownership from the taxpayers. Now the US Government, under the façade of misuse of crypto, is trying to amend certain laws. It won’t be long enough when there will be crypto regulation.