How will Biden regulate cryptocurrencies?

But does not set out specific new regulations. On Wednesday President Biden issued a much anticipated executive order on cryptocurrencies. The first-of-its-kind order advances a 'whole-of-government' approach to regulating the sector, instructing federal agencies to coordinate efforts at drafting policy and regulation on digital assets.

Will the government crack down on crypto?

While the order is the first major attempt to bring the government together around regulating crypto, it’s not quite the crackdown some expected from an administration that has spent months warning about impending oversight. In fact, a lot of people with crypto are even happy about the new order, so much so the price of bitcoin is going up.

What does a federal government order mean for cryptocurrencies?

Instead, it directs federal agencies to better communicate their work in the digital assets sector. Crypto as a tool of geopolitics The order positions cryptocurrency as a potential part of the administration’s plan to maintain U.S. centricity in global finance.