Joe Biden is ready to sign the executive order to give a more favourable ecosystem for the crypto Industry to go under the regulation system.
At present US lawmakers are working on the new crypto-based agency or something like this, which is still unclear for the majority of the people in this industry. The new development work by the US lawmakers is Executive order on Crypto and probably it will be a game-changer move by the US government agency for the crypto Industry.
On 7 March, Reuters published a report on this matter and noted that US president Joe Biden is ready to sign this executive order to bring it into effect, this week.
“Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency.”
A source familiar with this matter told Reuters that most probably it will happen by Wednesday.
The majority of the reports claimed that it will be a kind of creation of the new authority, which will take decisions on the policies and regulation of the crypto industry or maybe a decision to hire an individual to oversee the rules and regulations on the crypto industry.
CFTC on Spot Market Of crypto
Last month, Rostin Behnam, Chairman at Commodity Futures Trading Commission (CFTC), proposed his stance to give authority to the agency to regulate the crypto spot market, during the Senate committee hearing.
In January of this year, The director of training and regulatory affairs at blockchain intelligence group, Michael Fasanello, shared his stance on this matter and claimed that there are possibilities that an individual will get authority through the “executive order” and that individual will oversee the working system and power use of all regulatory bodies.
Don’t miss a thing, sign up for our newsletter