President Joe Biden has signed an executive order on cryptocurrency; the first move by the White House to regulate digital currency.
The order shapes what government agencies, including the Treasury Department, need to do to develop crypto policies and regulations. It also calls on U.S. agencies to make sure the country’s cryptocurrency laws match up with those of U.S. allies, and asks the Financial Stability Oversight Council to investigate any illicit financial concerns. The order also repeats the possibility of a new government-issued central bank digital currency.
The Biden administration’s 2023 budget proposal expands the Justice Department’s budget by $52 million for “more agents, enhanced response capabilities, and strengthened intelligence collection and analysis capabilities.” Essentially expanding the DOJ’s ability to counteract threats that involve ransomware and/ or the use of cryptocurrencies. The budget states that this investment is “in line with the administration’s counter-ransomware strategy that emphasizes disruptive activity and combating the misuse of cryptocurrency.”
Involve the crypto community
Chapo Says ‘What I’m currently missing here is the “Administration commits to working closely with the community” (who have built this new world wealth). I’m happy that they want in on the opportunity. Happy that Governments across the world are now truly starting to understand the value of what we’ve built. But my concern is that if all they aspire to do is stamp TradFi laws (and taxes) over DeFi then the community will simply move out of their way.
There are bad guys in crypto, just like there are still IRL bank robbers. Heavy handed/ outdated law enforcement does nothing to deter them either. Understanding the critical nuances of the crypto world, specifically the culture of WEB3, is incredibly important when considering how to effectively legislate & provide enforcement in the space. We can all only hope that the global powers get on board and work WITH US to make it a safer place for market participants. Working collaboratively with key members in the space will do more good long term than heavy-handed executive orders from those who don’t carry a laptop… 😉’
