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Biden Administration To Regulate Bitcoin As A National Security Matter: Report

The White House wants to establish a coherent policy to regulate Bitcoin and cryptocurrencies, as current legislation and its enforcement are spread across sectors and agencies, according to multiple reports. The Biden administration will issue an executive order in the coming weeks to help federal agencies assess the risks and opportunities posed by Bitcoin and cryptocurrencies, Bloomberg first reported. stablecoins and NFTs, Barron’s reported Thursday. “This is designed to look at digital assets holistically and develop a set of policies that give coherence to what the government is trying to do in this area,” a person familiar with the White House plan told Barrons. “Since digital assets do not stay in one country, it is necessary to work on synchronization with other countries.” The White House National Security Council, as the administration measures cryptocurrencies “have economic implications for national security,” according to Barron’s report. person told Barron’s. Currently, different aspects of the cryptocurrency market are handled by different bodies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, but there is little coordination and consensus when it comes to classifying the many different assets in the market. According to the Bloomberg report, senior government officials had held multiple meetings about the plan and the directive is expected to be presented to President Joe Biden in the coming weeks.
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