Joe Biden is reportedly working on an executive order or considering on one to control the crypto space; this thing has sparked another debate within the crypto community. When it comes to the idea of regulation, Biden wants to regulate and control everything, and this brings him to a rather tedious task of regulating the crypto space. He is seeing all the action that is taking place within the crypto market and how it is affecting the stock and other relative business markets within the United States. To get a grip on the situation, Joe Biden is seriously considering issuing an executive order on these cryptocurrencies.
This will allow him to get clarity of the crypto landscape and drop better measures for the sake of controlling not only the industry but the activities which are taking place in it. This news was first reported and aired by Bloomberg, saying that the source which it comes from is anonymous but rather familiar. This is no surprise to crypto enthusiasts and investors because they were already expecting the regulatory environment within the United States to get a little compelling and challenging as time passes by.
Freely speaking, Joe Biden has no authority to issue laws or regulations on cryptocurrencies by himself so, the executive order might expectedly come from the democratic president as a political move that would help him to issue the rule on crypto space on his own terms. This active order, according to Bloomberg, would be mandating a dedicated board member of government agencies that will be in charge of issuing recommendations regarding crypto space.
According to another news source, the agencies that could be involved in this are the Treasury Department, the National Science Foundation, the Commerce Department, the IRS, the National Security Council, the FTSE, and the CFTC. The idea behind this transition is that all of these agencies will be studying the crypto space and then will be informing the White House regarding how they would like to regulate various fronts of the crypto landscape, thus controlling the market in a way.