If recent reports are to be believed, US president Joe Biden is considering an executive order widening the scope of oversight over cryptocurrency holdings in the US. This is as part of his administration recently taking multiple steps to tighten regulations on cryptocurrencies.
The new executive order would reportedly see federal agencies being given the mandate to study and recommend measures pertaining to various areas of the new asset class. This includes financial regulation, economic innovation, and national security.
Such an order would follow the Biden administration’s recent trend of cracking down on cryptocurrencies. The Treasury Department’s Office of Foreign Assets Control had launched an investigation into one of the world’s biggest cryptocurrency exchanges recently, in an attempt to crackdown on money laundering. Recent cyberattacks, including the infamous one on Colonial Pipelines, seem to have forced the administration’s hand as they look to trail the millions in cryptocurrencies paid as ransom. Reports had also suggested that Biden was looking to appoint a high-ranking official at the White House, just to look into the regulation of cryptocurrencies.