Biden to appoint White House’s first ‘king of cryptos’ to crack down on Bitcoin, Dogecoin and more

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US President Joe Biden is considering appointing a cryptocurrency bully to manage Bitcoin and its rivals.

According to a Bloomberg report, the upcoming executive order is part of an effort to put in place a whole-of-government approach to digital assets.

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Joe Biden plans to appoint a crypto bully to manage Bitcoin and its rivalsCredit: Getty

It comes as the Biden administration is cracking down on crypto because of its links to money laundering and criminal activity.

Sources told Bloomberg that the potential new king of crypto in the White House will ask federal agencies to study crypto and give recommendations.

They would seem to affect financial regulation, economic innovation and national security.

A White House crypto czar would ultimately act as the point of reference on the matter, one person said.

The White House has not commented on the proposed order.

The US president has stepped up the pressure on cryptocurrencies in recent weeks due to their underworld ties.

Last week, the Biden administration unveiled sanctions against a cryptocurrency exchange for its alleged role in activating illegal payments from ransomware attacks.

The Treasury Department accused Suex of facilitating transactions involving illicit products for at least eight ransomware variants.

This is the first such move against a virtual currency exchange on ransomware activity.

“Exchanges like Suex are critical to the ability of attackers to profit from ransomware attackers,” Deputy Treasury Secretary Wally Adeyemo said.

The action “is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”

This came after President Biden announced that the United States would bring together 30 countries to end “the illicit use of cryptocurrency.”

He is not the only US president to criticize the currency.

Earlier this year, former President Donald Trump called Bitcoin a “dollar scam.”

Speaking to Fox Business in June, he expressed concern that the cryptocurrency is threatening the value of the US dollar.

“Bitcoin looks like a scam,” Mr. Trump said. “I don’t like it because it’s another currency that competes with the dollar.”

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It comes as the Biden administration cracks down on crypto over its links to money laundering and criminal activityCredit: GettyWorld’s 1st ‘HAMSTER Crypto’ Makes Bitcoin Transactions on Twitch

In other news, crypto investors were in a panic last month after a data provider showed Bitcoin’s value plummeted by 90%.

The price of Bitcoin exploded in July following claims that Amazon could start accepting cryptocurrency as a form of payment by the end of the year.

Nine apps had to be removed from the Google Play Store after being caught stealing Facebook passwords.

Facebook is facing backlash in the United States and is considering creating a version of Instagram for children under 13.

And, influencers who don’t make it clear whether they’ve edited photos that are advertisements could be fined or jailed in Norway under a new law.

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