Biden Announces Move to Regulate Cryptocurrencies

U.S. President Joe Biden has signed an executive order on Wednesday to push federal agencies to draft cryptocurrency regulations.

According to the order, It is the first attempt of the US at coordinating the government’s strategy towards regulation of digital assets.

“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values and U.S. global competitiveness.”

The implementation of regulations will reportedly protect U.S. Consumers, Investors, and Businesses, prevent national risks and promote research and development of a potential US Central Bank Digital Currency (CBDC).

Agencies tasked to come up with recommendations for crypto regulations will have from 60 to 180 days to complete their report before they would be deliberated and implemented. 

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