Good news for the digital asset space as US President Joe Biden takes steps to release new crypto regulations next week! The far-reaching executive order will give thoughtful thought to how to regulate crypto and provide sufficient support to the industry. The administration clearly understands that crypto is here to stay and seems to be embracing it.
New US Crypto Regulations
According to Yahoo finance, the president will ask government agencies to study cryptocurrency as well as a central bank digital currency (CBDC). The ultimate goal is to come up with a government strategy to regulate digital assets.
The White House is mobilizing an alphabetical soup of agencies to scrutinize crypto. The Department of Commerce and Homeland Security will produce a report on monetary and payment systems. During this time, the director of the office of science and technology policy will carry out a technical evaluation. Eventually, they would give a recommendation on what might be needed to support a CBDC system.
In addition, the Attorney General and the Consumer Financial Protection Bureau will review the overall impact on market competition. Finally, the SEC and the Commodity Futures Trading Commission are teaming up to review market protection efforts in their jurisdiction.
The ordinance will give preferential attention to consumer, business and investor protection measures. He will also delve into privacy issues regarding digital assets as well as distributed ledger technology. The government is adopting a 360 analysis as the report will also consider the impact of digital assets on the environment.
The studies of the various government sectors will be ready between 90 and 180 days. After this period, they would report all findings and recommendations to the President. One thing is certain, the outcome of these studies will massively impact the crypto and digital payments market for years to come.
Meanwhile, Her Majesty’s Revenue and Customs (HMRC), the UK tax authority, has issued new DeFi tax guidelines.
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