It’s no secret that Democrats are enemies of financial innovation.
We recently saw Hillary Clinton come out against cryptocurrencies, describing them as vehicles which could “destabilize entire nations”.
The rancor continued at recent hearings on cryptocurrencies, showcased by Elizabeth Warren and other Democrats who do not seem to understand anything about the digital economy…
I guess this is what happens when 80 year old people are tasked with attempting to keep up with the times.
The latest reports indicate that Biden is set to sign an executive order relating to cryptocurrencies sometime in the beginning of February:
— BitcoinAgile (@bitcoinagile) January 25, 2022
"Washington is entering a period where we're seeing turf battles between regulators and we need a referee in the room," @matt_homer says about a potential Biden executive order on crypto.
— CoinDesk (@CoinDesk) January 24, 2022
What has been verified is that there have been multiple high-level discussions with senior people at the White House in relation to the subject, and it is believed that Biden will provide additional details on the matter next week.
A component of the order, according to White House pundits, may include an added focus on central bank digital currencies (CBDCs), which would seek to clarify the American government’s position in the wake of the rapid ascent of the Chinese digital Yuan.
The Biden admin is ramping up its work on crypto, with Biden expected to sign an executive order as soon as February kicking off reviews of illicit finance, financial stability, competitiveness, innovation and more. Scoop w/ @jendeben and @allyversprille. https://t.co/uLOL15NipO
— Jennifer Epstein (@jeneps) January 21, 2022
Will dig into this next week.
— Ian Haworth (@ighaworth) January 22, 2022
Yahoo Finance adds:
The Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission and Commodity Futures Trading Commission have issued guidance letters, informal statements and public rule-making efforts to direct how different aspects of the crypto industry should comply with federal law. But these efforts have not been coordinated in a single document or by one agency.
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