The White is about to issue a crypto executive order; this will change the market’s outlook. The present situation is not suitable for Bitcoin and other crypto coins; the digital currencies have witnessed a continuous price fall after reaching a record high in November last year. The US government is started to weigh in on several market aspects. Yahoo Finance reports that the SEC and other regulatory bodies will be responsible for the government’s future standing on the crypto market. The blockchain system evades the Federal legal structure; this places the market beyond the government’s control.
Several Government Bodies Have Come Together
Yahoo Finance reports that the Bank of England emphasized the importance of a regulatory framework for the crypto market. The government bodies have expressed deep concerns over the effect of crypto on financial circumstances. Government organizations worldwide are on the familiar ground regarding this matter. The crypto market is home to many scammers and third-party platforms that misuse trade information. The White House advised the government agencies to join hands with the global regulators to materialize the plan. The executive order might be the stepping stone to a worldwide revolution in the crypto sector.
Crypto Regulation Is The Need Of The Hour
Yahoo Finance reports that the Biden Administration will introduce the executive order next week. The Treasury Department, the State Department, and the Attorney General’s office will look into the prospect of launching the central bank digital currency (CBDC). Crypto poses high environmental and financial risks; the regulatory bodies will manage the imminent dangers and globalize crypto trading. The government agencies will look to secure sensitive user information and prevent third-party apps from taking unfair advantage of the user information. The government bodies of different countries will work in tandem to formulate sound plans for the future.
The US government looks to launch its central digital currency to stay ahead in the digital field. US crypto investors have recently increased, and they seek long-term investment options. However, the investors need to be cautious of the prevalent risks in the market and avoid sharing their information on unauthenticated trading platforms.