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An executive order will aim to streamline the government’s approach to regulating cryptocurrencies.
A person familiar with the White House’s plan told that the Biden administration is preparing to issue an executive action that would task federal agencies to regulate digital assets like bitcoin and other cryptocurrencies as a matter of national security. baron’s,
This person said the national security memorandum, expected to arrive in the next few weeks, will deal with analyzing digital assets and assembling the regulatory framework covering crypto, stablecoins, and NFTs, or non-fungible tokens, with parts of the government. will work.
“It is designed to take a holistic look at digital assets and develop a set of policies that reflect what the government is trying to do in this area,” the person said.
The Department of State, the Department of the Treasury, the National Economic Council and the Economic Advisory Council will be involved in the initiative.
The White House National Security Council will also be involved, the person said, as crypto has economic implications for national security. Along those lines, the administration will direct agencies to work on harmonizing digital asset regulations between countries.
“Since digital assets do not reside in one country, it is necessary to work on synchronization with other countries,” the person said.
The White House would not issue recommendations. Agencies will be given three to six months to come up with proposals, and the White House will act as policy coordinator.
White House officials declined to comment.
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Article URL : https://businesshala.com/white-house-plans-executive-action-to-regulate-cryptos-as-a-matter-of-national-security/