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Cryptocurrency Automated Teller Machines in London As soon as March, the Biden administration could release its strategy in its effort to regulate Bitcoin and other cryptocurrencies, which the administration reportedly claims may be a national security issue.
According to Bloomberg , “The Biden administration is preparing to release an initial government-wide strategy for digital assets as soon as next month and task federal agencies with assessing the risks and opportunities that they pose,” Bloomberg reported , adding: The late-stage draft of the executive order details economic, regulatory and national security challenges posed by cryptocurrencies, said the people who asked not to be named discussing internal deliberations. … The administration is also expected to weigh in on the possibility of the U.S. issuing a government-backed coin, known as a central bank digital currency or CBDC, the people familiar with the talks said. But, according to one of the people, the administration is likely to hold off on taking a firm position, as the Federal Reserve is still considering the issue. “The recently passed bipartisan infrastructure deal requires cryptocurrency brokers — Coinbase, Crypton.com, Gemini, etc. — to disclose the names and addresses of their customers. In order to coerce compliance with tax laws, the bipartisan infrastructure deal also required cryptocurrency brokers to provide the IRS, and each customer, with a Form 1099-B detailing exchanges, withdrawals, and holdings,” The Blaze noted, continuing: The U.S. government has been preparing to regulate the cryptocurrency market for a while now. Prior to the Biden administration endorsing the idea of regulating crypto, there was a bipartisan coalition in the U.S. Senate pushing for it to be regulated. Historian Niall Ferguson explained , You can tell it’s a bear market for crypto because the usual suspects have been tweeting about it. … How much lower could Bitcoin go? […]
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