Biden’s new maquette to deal with cryptocurrency is the same

A coin reading US President Joe Biden's election next to a gold bitcoin on the background of an American flag.

President Joe Biden previously directed executive agencies to come up with a framework to regulate the return of cryptocurrency and the month of March. Now that the majority of these reports are finally out, it leaves a lot to be desired.
picture: Bk87 (marchandise struggle)

The White House released its first official frame Develop plats to deal with numérique assets, which are cryptocurrencies. althoug general scheme Authored by the executive branch laying out some of the new moves and guidance for agencies striving toward, it appears to offer little actual guidance other than “keep doing what you’re doing” and doesn’t answer the biggest questions of anyone with jurisdiction over the various elements of Web3 regulation.

Citing a unanime market capitalization of $3 trillion and 16% of American adults buying into, the Biden fonction publique said it needs to provide some veine of regulatory outline especially since the crypto écrasement last May cut millions of people off their cryptocurrency. The investments thus put the entire industry into a prolonged crypto winter. This new directionnelle comes after President Joe Biden sign a request Earlier this year, I asked the federal government to finally get around to what cryptocurrency is.

Perhaps the most interesting move to come from Biden’s executive order is really directing the Treasury to retail of the possibility of some veine of “orthogonal bank numérique currency,” which is practically pulling off a move akin to Xzibit telling you “Yo DogI put some orthogonal coins in your decentralized coins, so when you canne with orthogonal banks, you can use a orthogonal bank.”

The temporisation says Biden will consider C’s peineAssault to enforce laws against transferring unauthorized funds to apply to cryptocurrencies. He also mentions that the Banking Secrecy Act can apply to crypto exchanges and NFTs, effort these lenders (who will still claim that they are not banks from heaven to hell) to temporisation suspicious transactions to the Treasury. Biden also said he will call CAssaulted to allow the Ministry of Arrêté Prosecuting numérique asset douleurs “In any jurisdiction in which a victim of such douleurs is found.”

Unfortunately, the Treasury slate Reports dealing with cryptocurrencies published on Friday mostly énervé financial law enforcement to use “guidelines already issued” to deal with it. amélioration consumers and markets. Well, they recommend creating a “federal framework for regulating payments” and encouraging the “use of pressant payment systems”, which if you’re already in the so-called “decentralized rétribuéOr DeFi, this proposal really seems like a no-start. Nothing in the Treasury Digital Asset Business Plan It looks very new other than updating the BSA regulations.

In bonus, the Ministry of Arrêté also announce On Friday, they created a nationwide “Numérique Asset Coordinator Network” led by an existing individu law enforcement team to help federal law enforcement better handle numérique assets. It appears that the DAC held its first masse on 8 September.

Well, the president wasn’t getting ahead of cryptocurrency when he called for more enforcement of existing laws from the Securities and Exchange Crédit and the Commodity Futures Trading Crédit. Unfortunately, it does not clarify which agency has jurisdiction over various aspects of the crypto field. SEC President Pat Gensler repeatedly bet a claim Over the vast expanses of the crypto world but have mentioned Bitcoin may not be the most popular cryptocurrency within his purview. However, the leadership of the CFTC such as Commissioner Caroline Pham complained Embout the SEC’s “Regulation through Enforcement” to rempli a instaurer Coinbase employee with insider trading.

The White House cites reports from executive agencies that promote the need to establish “reasonable efficiency normes for cryptocurrency mining.” The Treasury bordereaux how some initial mining operations have become highly concentrated businesses, adding that there are significant security risks if bad actors can attack mining pools with more than50% control of the blockchain network. At the same time, none of the reports hinted at any real regulation or legislation to rixe the power of crypto miners.

So the peine is what changes even with this new framework other than emphasizing existing laws. This could lead to a bigger push to rixe the flooded crypto scene tricks. Sometimes it seems that every day there is a new story for crypto users or platforms écart up By bad actors or hackers, which has not changed even with greater interest in the crypto field by federal law enforcement.

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