Joe Biden is set to sign an executive order about crypto within days 🚨 Government departments will be asked to scrutinize the fast-growing market, recommend how crypto should be regulated, and examine whether the U.S. should create a digital dollar 💵
According to the WSJ, the Treasury Department will be specifically tasked with determining the risks that cryptocurrencies pose to financial stability — as well as how extensively they may be used for criminal activity, and the threat they pose to national security.that the threat cryptocurrencies pose to financial stability could "rapidly escalate" if digital assets continue to be integrated into traditional systems.
These plans have been in place for some time, and are not a kneejerk reaction to the fears that Russian oligarchs may try to use cryptocurrencies to sidestep economic sanctions. In other developments, the European Parliament's Economics Committee is set to vote on a crypto regulation bill next week. It's hoped that the Markets in Cryptoassets Directive — otherwise known as MiCA for short — will ensure that EU regulations are "friendly" toward innovation and do not pose "obstacles to the application of new technologies."