According to rumours, the US government is considering a regulatory crypto crackdown as bitcoin and cryptocurrency values rise across the board.
Over the previous month, the bitcoin price has increased by 20%, adding more than $10,000 per bitcoin.The prices of ethereum, cardano, Binance’s BNB, Ripple’s XRP, solana, and dogecoin have all risen in tandem with bitcoin, leading the total cryptocurrency market to exceed $2.3 trillion.
Amid the massive crypto price surge, Bloomberg reported that the Biden administration is considering an executive order that would impose a slew of new laws governing bitcoin and cryptocurrencies, citing unnamed sources acquainted with the subject.
The executive order, which is still being debated, would entrust government agencies with providing recommendations on bitcoin and cryptocurrency, with a focus on “financial regulation, economic innovation, and national security.”
White House officials informed Bloomberg that a “crypto czar” might be created to “organise agencies’ efforts on digital currency.”
In recent months, pressure has mounted on regulators in the United States and around the world to rein in the raging bitcoin and cryptocurrency markets, which have grown by nearly $2 trillion this year alone and have been plunged into the national spotlight for their use in the Colonial Pipeline ransomware attack in May.
However, the heads of the Federal Reserve, Jerome Powell, and the Securities and Exchange Commission (SEC), Gary Gensler, have lately stated that the United States will not follow China’s lead in attempting to prohibit bitcoin and cryptocurrencies.
China reinforced a previous ban on bitcoin and crypto mining in September, cracking down on all crypto trade activities.
Moreover, the Bank of England and the Bank for International Settlements both stated this week that greater bitcoin and crypto regulation is required as cryptocurrencies become increasingly integrated into the United Kingdom’s financial system.