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Biden To Issue Executive Order On Regulating Crypto Next Week, FBI Creating New Crypto Unit

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According to multiple sources, the Biden administration will be issuing an executive order next week on regulating cryptocurrencies. From what we know the EO will detail a “Comprehensive Government Strategy” to utilize federal agencies to find out risks and rewards.

As per Bloomberg this order would put the executive branch in charge of overseeing all policies and regulations going forward. Federal agencies have been studying the digital assets sector for many years but with the popularity of crypto growing this has become a priority. The latest studies have shown that while only 23% of households have Savings accounts 24% of that same household have cryptocurrencies.

The departments of the federal government to be included in the operations are the Department Of Treasury, The State Department, Justice Department, and Homeland Security. According to Bloomberg the director of the Science and Tech Policy will also be involved to do the technical analysis of the future regulations.

Released also today was the announcement of the FBI creating a new crypto unit led by the most experienced computer science prosecutors. This unit has probably been in place for years but is now expanding and becoming public due to the rise in holders of crypto assets. What we can take from this is that Crypto is now becoming the future and will be here for the long haul. Digital assets are expected to be held by more than 50% of all US households within the next 5 years although it may be much sooner. We will update our readers once we have the exact details of the EO that is signed.

 

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