Biden

The White House has unveiled its digital asset development framework, outlining the benefits and risks of cryptocurrency in the United States. It presents key priorities and specific measures that the administration will use to guide its management of the industry.  The White House Plan for Crypto The framework presented on Friday is a follow-up to President Biden’s crypto executive order (EO) in March. The EO called on various government agencies to conduct research into how to develop a framework around…

US President Joe Biden has declared his plan to appoint Michael Barr as the new vice-chairman for Federal Reserve Supervision. According to the statement, Biden said that Michael possesses the essential experience required for the crucial position. Michael Barr is well-known for being part of the board of advisors for Ripple Labs, a distributed payment technology company. The nomination follows Sarah Raskin's withdrawal from the same position due to severe opposition in the Senate last month. Of late, the central…

President Biden’s long-awaited Executive Order on digital asset policy has been released. The order outlines the main objectives with which to approach the space while organizing research and regulatory responsibilities among different federal bodies. Notably, the White House also advocates “urgency” for R&D of a US CBDC, which over 100 countries are already exploring or piloting. Concerns About Illicit Finance As published by the White House, the order acknowledged the growing digital asset industry for presenting a wide array of…

US President Joe Biden will soon sign an executive order on cryptocurrency regulation and oversight that’s been in the works since last year. Sorting Out Responsibilities Sources involved in the order’s deliberations – who opted to remain anonymous – offered details on the order to Bloomberg. As reported in October, it will direct federal agencies to examine the “national security” and “economic “impact” of cryptocurrencies. Later in the year, those agencies will have to report their findings. The order should…

Mistrust and friction have long characterized the cryptocurrencies-government relationship. While crypto purists swear by its holy grail of decentralization, the government insists on regulating the sector as it does many others. The result is constant bickering between both camps. Today the relationship is so unhealthy that some governments have instituted crackdowns on crypto activities within their jurisdiction. Take China, for instance. Recently it has issued decrees that have left the whole crypto sector reeling from their effects. India is another…

The crypto industry could face renewed regulatory scrutiny over the next four years if Janet Yellen, selected by Joe Biden to head the Treasury Department, takes over management. During Tuesday's confirmation hearing before the Senate Finance Committee, Senator Maggie Hassan (D-N.H.) asked Yellen about crypto use in criminal activity. Yellen stated that cryptocurrencies are of particular concern, and she thinks they are often used for illegal financing, at least in terms of transactions. He said he wanted to investigate how…