He also referred to the new developments as a “broader crypto crackdown” in a Jan. 28 tweet. Senior ETF analyst at Bloomberg Eric Balchunas noted earlier today that the Biden Administration viewing crypto as a national security threat may also be behind the constant rejections of Bitcoin (BTC) spot ETFs. Broader crackdown
Rumors of a potential executive order on crypto have been swirling in recent days. Earlier this week Forbes reported those government entities would likely issue reports on their findings by mid-2022 looking at “the systemic risks of cryptocurrencies and their illicit uses.” “This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space.”
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The rationale for the executive order falling under national security is that crypto is a cross border tool for shifting money. The ability of decentralized blockchain technology to circumvent geo-specific surveillance or rules means the administration may push for synchronized international regulations with other countries. The source was quoted as saying:
Brito said that he believes the bill is likely to pass “in some form.” Related: President Biden taps economists for Fed governors’ seats, Sarah Bloom Raskin as vice chair for supervision — Jerry Brito (@jerrybrito) January 26, 2022
2/ The so-called “special measures” provision (proposed by @jahimes) would essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions. How would it do this? pic.twitter.com/f3tVow9nxA Another piece of legislation worrying the crypto industry was proposed by House Democrats on Jan. 25, the America COMPETES Act. Jerry Brito, the Executive Director for Washington D.C.-based think tank Coin Center, noted that one provision in the proposed bill would allow the Treasury Secretary to ban crypto exchanges from operating without any prior notice.
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