US Government Inching Closer to Regulating Crypto
The U.S. government is taking unprecedented steps to demonstrate just how serious the richest country in the world (albeit, with the widest wealth gap) is about regulating cryptocurrencies. American president, Joe Biden, is responding to intense pressure to position the U.S. as a leader in terms of finally applying long-overdue regulatory measures to the digital assets market. Another factor driving America’s interest in taking the pole position in terms of regulatory action is the risk that if another country, like India or China, would step in first, it could potentially affect the American dollar’s dominant strength.
US President Biden is expected to sign an executive order that outlines the U.S. government’s strategy in regulating cryptocurrencies before the end of this month.
Thorough Understanding of Digital Assets Needed
Yahoo Finance recently reported that the executive order would reveal the specifics around the role that government agencies are expected to play in crypto regulation, including the US. Department of Treasury and Homeland Security. For example, such agencies will be tasked with building a more thorough understanding of the digital assets market and propose a central bank digital currency (CBDC). Apparently, the Biden administration has been diligently at work since last August building a comprehensive strategy for regulating cryptocurrencies amidst a huge boom in the public’s interest and growing appetite for cryptocurrencies as an investment. It’s been reported that over 50% of the investors who now own Bitcoin or other cryptocurrencies made their first purchases of the digital assets within the last year.
Of all the agencies listed in the executive order that Biden is expected to sign, the U.S. Department of Justice is already making headlines with their own efforts to reign in the volatility and, sometimes unsavoury actions, of the digital assets market. With more than 100,000 attorneys, special agents, and other staff on payroll, the DOJ is responsible for enforcing the federal law of the United States and is headed by the U.S. Attorney General. The DOJ recently appointed Eun Young Choi as its first director of the new National Cryptocurrency Enforcement Team (NCET).
Cryptoverse Subject to Fraud
In a statement by NCET, Choi was selected to lead the newly formed team to “meet the challenge posed by the criminal misuse of cryptocurrencies and digital assets.” Specifically, NCET will be investigating and presumably taking legal action against “entities that are enabling the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity.” The crytpo-verse is wide and vast consisting of a jungle of blockchain technologies and people are operating within it to commit fraud or engage in theft. Choi has quite a history with the DOJ. She began as an assistant U.S. attorney for the Southern District of the U.S. state of New York, where she served as a cyber-cop prosecuting money laundering, cyber, and fraud crimes.
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Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.