Joe Biden reportedly works on a new executive order to control the entire crypto industry which spread the debate in the community once again as we are reading more in our crypto news today.
Joe Biden reportedly works on the new executive order that we regulate everything and it seems that cryptos are in the crosshairs. The president of the United States is considering issuing an executive order to crypto to get better clarity of the exercise and landscape to be better controlled as well as the industry activities related to it. The news was initially reported by Bloomberg that cited anonymous sources but came as no surprise to most ecosystem experts who were expecting some other moves considering previous pronouncements by a few members of the Biden executive cabinet.
Since Biden has no ability to issue laws on crypto, the executive order came as a political move by the president to try to establish a ruling on the terms. According to the reports, the executive order will mandate a broad number of government agencies to issue recommendations regarding the areas of expertise. As per the comments by Wendi Benjminson, Deputy Managing Editor. Some agencies involved in the executive order will be the Treasury Department, the National Science Foundation, The Commerce Department, the FTSE, the CFTC, and the IRS.
The idea will be that all of the agencies will inform the White House on how they will regulate the different aspects of the crypto landscape. Then the Biden administration will look for other ways to coordinate all of these visions and competencies uniformly.
As recently reported, we witnessed a gas pipeline being targeted in a new ransomware attack which is what inspired Biden’s administration to expand its crypto tracking responsibilities and prevent ransomware attacks of this massive scale in the future. The ransomware payments surpassed $400 million last year and the Deputy Press Secretary Karine Jean-Pierre explained that Air Force One is also combating ransomware as a priority of the administration. One of the ways it plans to address the issue is with more crypto tracking as the bigger majority of the attackers demand BTC or another crypto as payment.
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