- The president of the United States, Joe Biden, is to sign an executive order towards the rules and regulation of cryptocurrency.
- Though the order has not been made clear yet, there’s a speculation that individuals will have their own authority.
- In recent years, the policy of cryptocurrency in the United States has ratcheted up.
It has been reported by Reuters that the president of the United States, Joe Biden is preparing to sign an executive order on the policies of the cryptocurrency this week. The order may be to appoint an individual with an authority who will be willing to oversee the markets in the crypto world. This will be set in motion as early as Wednesday.
The question of jurisdiction over digital asset market supervision continues to occupy the thoughts of regulators seeking to narrow the gap on what they consider to be trading activity occurring beyond their purview. The previous month, that is, February, Commodity Futures Trading Commission (CFTC) chair Rostin Behnam told a Senate committee hearing that the CFTC wants to be in charge of regulating the cryptocurrency spot market.
Benham was asked in the hearing if a lead agency for crypto regulation should be established or not, and he responded that his agency, including the Securities and Exchange Commission, should share the task.
It has been hypothesized, most notably by Michael Fasanello, who is the head of training and regulatory relations at Blockchain Intelligence Group in January, that a new figure will be granted supervision responsibilities over numerous partner agencies once the order comes to be.
According to Fasanello, the agencies included in the partnership will be CFCT, the Financial Crimes Enforcement Network, the Office of the Comptroller, and the SEC.
In recent years, the policies of the crypto world have reportedly ratcheted up.