The White House Intends to Speed Up the Development of Crypto Regulation

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The administration of US President Joe Biden plans to instruct federal agencies to analyze digital assets and prepare the appropriate regulatory framework to ensure national security interests, Barron’s reports.

According to the interlocutor of the publication, in the “next few weeks” the White House will publish an order requiring the departments involved to study cryptos, stablecoins and NFTs. The act will affect the State Department, the Treasury, the National Economic Council and the Council of Economic Advisers. He has said:

“The initiative aims to comprehensively study digital assets and develop a set of rules that will bring coherence to government actions in this space.”

According to the source of the publication, the memorandum is likely to affect the US National Security Council, since due to the cross-border nature of transactions with cryptocurrencies, the latter create relevant risks.