It would be a big push for regulations around crypto.
It’s only a matter of time before the government takes a more hands-on role when it comes to cryptocurrency. The latest push for this might come in the way of a White House appointed crypto czar.
The Biden administration is allegedly looking into an executive order directing federal agencies to study crypto and give recommendations, anonymous sources told Bloomberg. As a part of the executive order, the White House would also appoint a crypto czar who would be the point person on all things crypto.
The White House has not commented on the proposed order.
Biden Battles Bitcoin
Though the Biden administration has been relatively quiet on the question of cryptocurrencies so far in his presidency, there are some signals they’re skeptical if not outright hostile to crypto.
For example, Secretary of the Treasury Janet Yellen suggested cracking down on cryptocurrency due to their use in money laundering and other illegal transactions. She also expressed concerns that crypto could be used to fund terrorist operations.
"Cryptocurrencies are a particular concern. I think many are used — at least in a transaction sense — mainly for illicit financing," Yellen said during her confirmation hearing. "And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels."
It's likely inevitable that the government will attempt to regulate cryptocurrency. If and when that happens, it'll make a major turning point for crypto: What happens when a technology billed as safe, free, and decentralized starts to become more regulated?
READ MORE: White House Weighs Wide-Ranging Push for Crypto Oversight [Bloomberg]