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The Joe Biden administration is now working on a digital currency oversight order. According to Bloomberg, it is part of a national strategy to control the bitcoin business.

The order connects the US National Security Agency, the Treasury Department, the Department of Commerce, and the National Science Foundation to oversight. At $2.2 trillion, they will all assist President Obama’s administration in expanding regulatory powers over the economy. Departments are proposing a thorough examination of the business and recommendations for its oversight.

US federal agencies have been investigating the cryptocurrency business for some years and have made numerous suggestions regarding its regulatory and legal regulation to the president. The SEC and the CFTC, for example, have previously issued letters of recommendation to clarify how certain components of the cryptocurrency sector can comply with federal law. In addition, the OCC, the FDIC, and the US Federal Reserve formed a “sprint team” to coordinate the new asset class in early 2021.

Joe Biden’s working committee intends to thoroughly study the potential of adopting a special charter for stablecoin issuers that would place them on par with banks in legal matters, in addition to analyzing the digital currency business. They plan to submit this report to the US Congress after compiling these theses into a single document. The Federal Reserve and the United States Central Bank will both release reports on stablecoins simultaneously.

The president’s overall approach and America’s “crypto priorities” will most likely be revealed in the next weeks. However, considering the negative attitude against digital currencies held by many lawmakers in the country, many crypto community members are concerned that the rules will harm the business.

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