It would be a major push for crypto regulations.
Crypto Czar
It is only a matter time before the government becomes more involved in cryptocurrency. A White House-appointed crypto czar might be the latest push to this end.
Bloomberg has been informed anonymously by sources that the Biden administration is looking into an executive directive directing federal agencies studying crypto and making recommendations. The White House will also appoint a Crypto czar to be the central point for all things crypto as part of the executive orders.
The White House has not yet commented on the order.
Biden Battles Bitcoin
Although the Biden presidency has been quiet so far on cryptocurrency issues, there are signs that they are skeptical or even hostile to crypto.
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Janet Yellen, Secretary of Treasury, suggested that cryptocurrency be banned because they are used in money laundering and other illegal transactions. She expressed concern that crypto could be used as a means to finance terrorist operations.
Particular concern is cryptocurrencies. Yellen stated that many of them are being used, at most in a transaction sense, primarily for illicit financing. We need to look at ways we can reduce their use and ensure that money laundering does not occur through these channels.
It is likely that the government will try to regulate cryptocurrency. It will be a significant turning point in crypto's history.
READ MORE: The White House Makes a Wide-Ranging Call for Crypto Oversight [Bloomberg]
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More about crypto: This country plans to be the first to accept Bitcoin as a legal tender
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