Joe Biden Bats For Strict Crypto Rules, the current front runner for the Democratic party’s nomination for President in 2022, has come out in support of stricter regulation around cryptocurrencies. In a recent interview, Biden stated that “we need to treat cryptocurrency like any other asset class” and subject it to “the same rules and regulations” as other financial instruments. This stance puts him at odds with many in the crypto community who see digital assets as a way to opt-out of traditional financial systems.
However, given Biden’s experience as both a Senator and Vice President, his opinion holds significant weight. It is yet to be seen how this will impact the development of cryptocurrency regulation in the United States if he is elected President.
Joe Biden, the current front runner for the Democratic party during the 2020 election, has recently come out in support of stricter rules and regulations when it comes to cryptocurrency. In a recent interview, Biden stated that he believes cryptocurrencies are “a money laundering index” and that there needs to be more done in order to prevent them from being used for illegal activities. He went on to say that he would support legislation that would require exchanges to know their customers’ identities and report suspicious activity.
This stance is a departure from the Obama administration’s position on cryptocurrency, which was much more laissez-faire. It’s also a potential sign of things to come if Biden were to win the presidency in 2020. With Democrats in control of both the House and Senate. It’s possible that we could see some form of crypto regulation coming out of Washington in the near future.
Whether or not that regulation would be effective is another question entirely.
Biden Crypto Executive Order
President Biden has signed an executive order that could have major implications for the cryptocurrency industry. The order, titled “Executive Order on Improving the Cybersecurity of Federal Networks and Information Systems,” directs federal agencies to review their policies and procedures related to cybersecurity and make recommendations for improvements. One section of the executive order specifically mentions cryptocurrencies. Stating that agencies should consider “the risks associated with digital currencies and public blockchain networks” when making their recommendations.
This is the first time that a U.S. president has ever mentioned cryptocurrencies in an executive order, and it signals that the Biden administration is taking the emerging asset class seriously. The mention of cryptocurrencies in the executive order comes as no surprise given the recent hack of Colonial Pipeline, which saw hackers demand a ransom paid in Bitcoin. The attack highlights the growing threat of cybercrime. Which is only expected to increase as more businesses move online and adopt digital technologies.
While it’s still early days, this executive order could lead to greater regulation of cryptocurrencies in the United States. So far, most regulation of crypto has been at the state level. If federal agencies start making recommendations about how to regulate crypto, it could eventually lead to nationwide rules and regulations.
Digital Currency Bill 2022
The proposed Digital Currency Bill 2022 is aimed at providing a legal framework for the regulation of digital currencies in India. The bill defines digital currency as “a type of unregulated, digital money. Which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community”. The bill also seeks to ban all private cryptocurrencies in India, however, it exempts government-issued cryptocurrencies from this ban.
The rationale behind the proposed legislation is to prevent the use of digital currencies for illegal activities such as money laundering and terrorist financing. The bill also seeks to protect consumers from financial losses arising out of volatility in the prices of digital currencies. Under the proposed legislation. All entities dealing in digital currencies will be required to obtain a license from the Reserve Bank of India (RBI).
These entities will also be required to implement KYC/AML norms as prescribed by the RBI. Further, they will be subject to periodic audits by the RBI. The proposed bill has been widely criticized by the cryptocurrency industry due to its stringent regulations.
Critics have argued that these regulations will stifle innovation and hinder the growth of the nascent industry in India. They have also raised concerns about the feasibility of implementing such regulations given the decentralized nature of digital currencies.
Digital Currency Bill Passed
The U.S. House of Representatives has passed a bill that would allow for the creation of a digital currency. The proposed legislation, known as the “Digital Currency Act of 2020,” would create a legal framework for digital currencies and other similar technologies. Under the bill, digital currencies would be classified as “digital commodities,” and subject to regulation by the Commodity Futures Trading Commission (CFTC).
The Digital Currency Act of 2020 is an important step forward in recognizing digital currencies as legitimate assets class deserving of regulatory oversight. This legislation provides much-needed clarity for businesses operating in this space and will help to protect consumers from fraud and abuse.
In the world of cryptocurrency, information is power. And when it comes to your investment portfolio, being in the know can make all the difference. That’s why we’ve put together this handy guide to some of the best crypto news sources out there.
Whether you want the latest coin prices or insights on blockchain technology. These websites and channels will keep you up-to-date on all things crypto. CoinDesk is one of the leading digital media outlets for cryptocurrency news and information. Their site features breaking news, analysis, price charts, guides, and more. Everything you need to stay informed about the world of Bitcoin and other digital currencies.
CryptoCoins News is another excellent source for breaking cryptocurrency news. In addition to their own original reporting. They also curate stories from around the web so you can get a well-rounded view of what’s happening in the space. If you prefer video content. Crypto Investor TV is a YouTube channel that offers regular market updates and interviews with industry experts.
They also have a helpful series called “Crypto 101” which covers all the basics for those new to investing in digital assets. For real-time price data and charts, CoinMarketCap is hard to beat. Not only do they track over 1,600 different coins and tokens. They also provide useful tools like a currency converter and an events calendar.