Barron’s reports that the Joe Biden administration is planning an executive action that would task federal agencies to regulate Bitcoin and other digital assets as a “national security matter.”
The anonymous source of Barron’s reported that the government will mandate to create a regulatory framework covering cryptocurrencies, stablecoins, and NFTs.
According to the source, the goal of the Biden administration is to look at digital assets holistically and develop a set of policies that will provide consistency with what the government is trying to do in this area. According to the source, the Ministry of Foreign Affairs, the Ministry of the Treasury, the National Economic Council and the Economic Advisors Council will also play a role in the development of these policies. The anonymous source said that the White House National Security Council will also be involved, as crypto has economic implications for national security.
In addition, digital assets are not limited to a single country, so they will need to be worked in sync with other countries.
White House officials have not yet made a statement on the matter.
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