Investing.com – Reinforcing the rumors that have been circulating for the past few days, Barron’s reported yesterday that, according to a source “familiar with the White House plan,” President Joe Biden plans to issue an “executive order” on cryptocurrencies.
Specifically, certain government entities would be tasked with studying cryptocurrencies, stablecoins, and non-fungible tokens (NFTs) with the aim of developing viable regulation.
“This is designed to look holistically at digital assets and develop a set of policies that give coherence to what the government is trying to do in this space,” according to the article. Barron’s.
The publication also reveals that the proposed executive order will fall under the purview of National Security, as cryptocurrencies are a cross-border money transfer tool. This link to US national security raises fears that future regulations may be notorious.
In this sense, it should be noted that Eric Balchunas, senior ETF analyst at Bloomberg, reacted to the news on Twitter (NYSE:), suggesting that the Biden administration’s view of cryptocurrencies as a national security threat could explain the continued rejection of cash (BTC) ETFs.
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