Biden secretly considering White House’s very first ‘Crypto Czar’
It would be a big push for regulation around crypto.
It is only a matter of time before the government takes a practice role in cryptocurrency. The latest push in this direction could come from a crypto czar appointed by the White House.
The Biden administration is said to be reviewing an executive order ordering federal agencies to study crypto and give recommendations, anonymous sources said Bloomberg. As part of the decree, the White House would also appoint a crypto czar who would be the go-to person for all things crypto.
The White House has not commented on the proposed order.
Biden battles Bitcoin
Although the Biden administration has been relatively silent on the issue of cryptocurrencies so far in its presidency, there are some signals that they are skeptical or even downright hostile to crypto.
For example, Treasury Secretary Janet Yellen suggested crack down on cryptocurrency due to their use in money laundering and other illegal transactions. She also expressed concerns that crypto could be used to finance terrorist operations.
“Cryptocurrencies are of particular concern. I think a lot is used – at least in the transaction sense – primarily for illicit financing, ”Yellen said during his confirmation hearing. “And I think we really need to look at ways to reduce their use and make sure money laundering doesn’t happen through these channels.”
It is probably inevitable that the government will attempt to regulate cryptocurrency. If and when this happens, it will be a major turning point for crypto: what happens when a technology seen as safe, free, and decentralized begins to become more regulated?
READ MORE: White House weighs a wide range of pressures for crypto oversight [Bloomberg]
Learn more about cryptography: This country plans to be the first to accept Bitcoin as legal tender
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