Joe Biden’s May Use Executive Order to Control Cryptocurrency

Biden is keen to regulate all things, and it appears that cryptocurrencies are right in his crosshairs. The president of the United States is considering issuing an executive directive on cryptocurrency to clarify the situation and to exercise greater control over the sector and activities related to it.

Many ecosystem experts expected some sort of move after previous statements by Biden’s executive team.

Will it bring control?

The executive order is a political move by President Obama to make it easier for him to issue cryptocurrency laws. Bloomberg reports that the executive order would mandate that a wide range of government agencies issue recommendations about their expertise.

Wendy Benjaminson, Deputy Editor, U.S. Government News Washington at Bloomberg News stated that some agencies would be involved in the executive order. Some of these important agencies are:

  • The Treasury Department
  • The Commerce Department
  • The National Science Foundation
  • The FTSE
  • The CFTC
  • The IRS
  • The National Security Council

It is hoped that all these agencies would inform the White House about how they will regulate different areas of the cryptocurrency landscape. The Biden administration would then look for ways to coordinate these visions and competencies in a uniform way.

The Cryptocurrency Evangelists

Blockchain enthusiasts are divided on the topic of regulation in the crypto-verse.

One side, privacy advocates, such as Roger Ver and Elon Musk, argue that cryptocurrencies don’t need regulation and government efforts only seek to monitor and control the ecosystem and remove freedom from users.

The pragmatic, such as Brad Garlinghouse and Michael Saylor, or other influential politicians, claim that clear regulations will give the public greater legal security so they can feel comfortable enough to invest in cryptocurrency. This will also lead to a greater number of institutional investments.

Both sides had quick and clear reactions to Twitter.

David Gokhstein, the founder of PAC Protocol stated that Biden’s move could bring clarity to the ecosystem and promote innovation. Rick McCracken, however, crom the Cardano Live Podcast calling for speaking out against the move and acting against it , comparing the order to confiscate the gold in 1933 to.