“I will say, on Russia, in particular, the use of cryptocurrency we do not think is a viable workaround to the set of financial sanctions we’ve imposed across the entire Russian economy and, in particular, to its central bank. There was no mention of particular verticals like DeFi or NFTs, either.Ī particular concern among some in the crypto industry was that the potential use of cryptocurrencies by wealthy Russian elite to evade sanctions would prompt a crackdown, but one unnamed senior official on a background press call seemed to downplay this possibility. Earlier this month, reports emerged the White House is gearing up to issue a cryptocurrency executive orderwith president Joe Biden reportedly set to ask federal agencies to determine crypto. ![]() President Biden on Wednesday signed an executive order commissioning a series of reviews and reports on. The White House’s communications regarding the EO largely seems to avoid calling out any particular coins or projectsm with the exception of noting the price volatility of Bitcoin specifically. Biden signs executive order to study crypto oversight. ![]() In recent months, Warren has criticized the industry, drawing particular attention to the environmental impacts of cryptocurrencies and the investor risks associated with lax regulation of so-called stablecoin issuers and other players in the DeFi ecosystem. While crypto investors may generally breathe a sigh of relief, fellow lawmakers like Elizabeth Warren who have been highly critical of the crypto space may be less satisfied. The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class. Support Technological Advances and Ensure Responsible Development and Use of Digital Assets.Promote Equitable Access to Safe and Affordable Financial Services Recently, the White House released the first-ever comprehensive framework for the responsible development of digital assets.This follows President Joe Biden’s March 2022 Executive Order (EO) that outlined a series of policy objectives for the U.S.Leadership in the Global Financial System Leadership in Technology and Economic Competitiveness to Reinforce U.S. Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets.and Global Financial Stability and Mitigate Systemic Risk under a proposal made by the White House Office of Science and Technology. ![]() The press release lays out seven major goals of the executive order with added detail: Bitcoin, using the energy-intensive proof-of-work consensus mechanism, could be banned in the U.S. “The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk,” a fact sheet issued by the White House reads. The order essentially lays out a broad strategy for how the government plans to balance consumer protection while ensuring that the United States continues to be a space for innovation in the sector.įor those in the crypto sector concerned about aggressive government intervention, the order’s language seems to signal that the Biden White House is uninterested in sweeping near-term reforms and is instead merely focused on ensuring that agencies are on the same page in researching and observing the national security implications of the crypto industry. The Biden White House showed off a new executive order on Wednesday regarding the regulation of cryptocurrencies.
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