Biden secretly contemplates the very first White House crypto Tsar

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It would be a big push for regulations around crypto Crypto Czar

It is only a matter of time before the government takes a more practical role in cryptocurrency. The latest push in this direction could come from a crypto czar appointed by the White House.

The Biden administration is said to be reviewing an executive order directing federal agencies to study crypto and give recommendations, unnamed sources told Bloomberg. As part of the decree, the White House would also appoint a crypto czar who would be the go-to person for all crypto matters.

The White House has not commented on the proposed order.

Biden battles Bitcoin

While the Biden administration has been relatively silent on the issue of cryptocurrencies so far in its presidency, there are some signals that they are skeptical or even downright hostile to crypto.

For example, Treasury Secretary Janet Yellen has suggested cracking down on cryptocurrency for its use in money laundering and other illegal transactions. She also expressed concerns that crypto could be used to finance terrorist operations.

Cryptocurrencies are of particular concern. I think a lot are used at least in the sense of transactions, mainly for illicit financing, Yellen said during his confirmation hearing. And I think we really need to look at ways to reduce their use and make sure money laundering doesn’t happen through those channels.

It is probably inevitable that the government will attempt to regulate cryptocurrency. If and when this happens, it will be a major turning point for crypto: what happens when a technology seen as safe, free, and decentralized begins to become more regulated?

READ MORE: White House Weights Large Scale Pressure for Crypto Oversight [Bloomberg]

Learn more about crypto: this country plans to be the first to accept Bitcoin as legal tender

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