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Biden wants to unleash crypto regulation wave

 


Inside sources are reporting a wave of crypto regulation out of the White House to “protect national security.” In addition, a draft law could give the Treasury far-reaching prohibition rights.


As Barron's claims to have learned from anonymous sources, the Biden Administration is working on an executive order for cryptocurrencies. Accordingly, the regulation of this would be an issue of “national security”. Triggered by the extreme volatility on the crypto market in the past few weeks, it is important to examine how great the risk is from digital currencies. In addition, the government would be under more pressure than ever to protect its population from severe losses. According to the insider source, this “National Security Memorandum” is to be implemented in the next few weeks.


Crypto, stablecoins and NFT under the magnifying glass

The justification for the regulation is that it is about the cross-border transfer of money. In addition, blockchain technology would have the ability to bypass “geo-specific surveillance”. Federal authorities should therefore take a closer look at companies that have anything to do with crypto, stablecoins or NFTs. It would supposedly be about working out a regulatory framework.


“Special measures” as an excuse to freeze accounts


The draft American COMPETES Act cannot exactly be described as a “regulatory framework” . The proposal by the House of Representatives Committee on Science, Space and Technology provides, among other things, that the Treasury Department should be given the right to freeze suspicious accounts and transactions at financial institutions (including crypto exchanges) without prior notice. Section 5318A , entitled "Prohibitions and Conditions on Special Transfers of Money," specifies this right of access to all operations outside the United States.


Accordingly, the freeze would be an appropriate tool whenever the Ministry of Finance had to take “special measures”. So far, the Ministry of Finance has had to inform the public if money laundering is suspected. That requirement would be abolished, according to a blog post by Jerry Britos, the Coin Center 's executive director.

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