Next week, the US will publish a presidential executive order to build a comprehensive regulatory framework for regulating cryptocurrencies.
Joe Biden will direct the Treasury Department, Justice Department, Homeland Security Department, and other government agencies to research the crypto market and establish guidelines for digital assets, including CBDC.
Biden signed around 80 of these decrees during his presidency. The new one will focus on cryptocurrencies and how they are regulated in the crypto market. True, this executive order will not become law instantly since it needs congressional approval.
This regulation will be to develop consumer and investor protection measures. The cryptosphere, in particular, may anticipate the increase of KYC standards. In making choices about the cryptosphere, the Biden administration can draw on the experiences of other countries to standardize the laws for regulating cryptocurrencies.
It’s unclear if cryptocurrencies in the United States will be regulated independently or alongside other financial assets. However, unlike the PRC, there is a good chance that the government will not ban cryptocurrencies.