Bitcoin Flat on White House Crypto Executive Order Reports

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As digital assets take firm hold in the wider economy, Biden’s White House is keen to take a serious look at crypto across government.

An executive order on crypto is being drafted by the Biden administration, Bloomberg News reports.

Unlike other moves in cryptocurrencies, which were related to aspects such as taxation, this White House move would create a whole-of-government approach to the issue and task various federal agencies to study crypto and analyze. its impact on the area of ​​their specific jurisdiction. .

According to Bloomberg, it is everything from financial regulation to economic innovation, national security and taxation. This differs from previous White House announcements, which specifically focused on taxation and law enforcement.

It comes as President Bidens chooses for the Office of the Comptroller of the Currency, Cornell Law School professor Saule Omarova has announced that she wants to end banking as we know it through greater government oversight of Wall Street and cryptocurrencies.

Bitcoin’s success paved the way for the subsequent emergence of many crypto-assets believed to challenge sovereign currency supremacy, she previously wrote. Omarova has not yet been confirmed as president of the OCC.

Earlier this year, the White House reported that crypto was on its radar when it announced a crackdown on tax evasion and the facilitation of illegal activity through crypto.

On Wednesday alone, the Department of Justice announced the creation of a National Cryptocurrency Enforcement Team (NCET), to tackle complex investigations and prosecutions of criminal cryptocurrency abuses.

Cryptocurrency already poses a significant detection problem by facilitating illegal activity, including tax evasion, the Treasury Department said in a May statement. This is why the president’s proposal includes additional resources for the IRS to deal with the growth of cryptoassets.

This summer, a $ 1.2 trillion infrastructure deal was suspended in Congress over tax concerns. An early draft of the bill required crypto brokers to have tax reporting requirements, and the first language had requirements that would be impossible for many to meet.

The price of bitcoin has remained fairly stable within the hour since the Bloombergs report; down 0.2% to $ 54,484, according to CoinGecko.

Sam reynolds

Blockworks

Journalist

Sam Reynolds is a Taipei-based journalist who covers digital assets and regulation across Asia. Prior to joining Blockworks, he was an editor at Forkast News and an analyst at IDC.

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