White House To Consider Ways of Regulating Crypto

by in Cryptocurrency News

Joe Biden crypto news

The U.S. government explores the crypto industry and possible ways of its regulations.

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Bloomberg reported on October 8, that the Biden administration weighs executive orders for federal agencies, which would explore the sector and present recommendations.

Sources informed Bloomberg, the order would include the Treasury Department, Commerce Department, National Science Foundation, and other agencies.

Thus, the order would distribute responsibilities that the agencies have in crypto regulation. It is meant to prevent ransomware attacks and other cybercrimes.

On October 1, President Biden revealed plans of a meeting with national security advisers from 30 countries to discuss cybercrime issues. The host of the online meeting will be the White House National Security Council. The illegal use of crypto is one of the topics planned to discuss.

U.S. federal agencies have already released regulatory guidance related to digital currencies for years. A few days ago, the acting chief of the Office of the Comptroller of the Currency (OCC) Michael Hsu, expressed speculations about the industry, saying it must avoid a financial crisis.

SEC chair Gary Gensler said crypto platforms need to be listed, but the US doesn’t plan to ban crypto as it did China.