Joe Biden To Sign Executive Order on Crypto This Week: Report

The US president will reportedly sign a long-anticipated executive order directed toward furthering crypto regulation in the country

article-image

President Joe Biden | Source: Shutterstock

share

key takeaways

  • While the order is not yet fully understood, it has been speculated that an individual authority will be given new regulatory oversight powers
  • Crypto regulation in the US has slowly ratcheted up in recent years, with greater reporting requirements placed on exchanges

President Joe Biden is reportedly preparing to sign an executive order on cryptocurrency policy this week, according to a report by Reuters on Monday, which cited a person familiar with the matter.

The order, which may seek to appoint an individual with regulatory authority to oversee the crypto market, could come as early as Wednesday, per the report.

Jurisdiction of digital asset market oversight continues to burn in the minds of regulators eager to close the gap on what they perceive as trading activity occurring outside their remit.

Last month, Commodity Futures Trading Commission (CFTC) chair Rostin Behnam told a Senate committee hearing his agency wanted to be charged with regulating the crypto spot market.

During that hearing, Benham was asked whether a lead agency for regulating crypto should be established and said that his agency, along with the Securities and Exchange Commission, should share the responsibility.

It’s been speculated — particularly by Michael Fasanello, director of training and regulatory affairs at Blockchain Intelligence Group in January — that a new individual would be given oversight powers over multiple partner agencies.

Those agencies include the CFTC, the SEC, the Financial Crimes Enforcement Network and the Office of the Comptroller, according to Fasanello.

Some, though, including SEC Commissioner Hester Pierce, have said adding a new regulator to the mix in an already “fragmented regulatory system” for financial products should not be a top priority. 

Crypto regulation in the US has slowly ratcheted up in recent years, with greater reporting requirements placed on exchanges as well as scrutiny of stablecoins, whose value is generally pegged to fiat currency or commodities.

Last year, the Treasury Department pushed out a requirement for individuals to report transactions in crypto exceeding $10,000 or more to the Internal Revenue Service.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Right now, crypto platforms and custody services live in the shadow of a legacy of security failures — and it shouldn’t be that way

article-image

The current crop of ETF issuers could’ve only made it this far by promising not to stake any ETH they hoover up

article-image

After accelerating conversations with issuers, the SEC took a step toward allowing ETH funds to launch

article-image

As FIT21 advances to the Senate, experts are cautiously optimistic but say to expect some changes to the bill

article-image

Three Democrats joined Republicans Thursday in supporting a bill that would block the Federal Reserve from issuing a retail CBDC

article-image

Plus, Zeta Markets has released a litepaper for the “Zeta X” layer-2 it’s hoping to send to mainnet in early 2025