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More Regulatory Coordination – Biden Before Signing Crypto Regulation

 


US President Joe Biden will sign his long-awaited executive order on cryptocurrencies today . While some observers fear that the "enforcement regulation" could deal a major blow to the crypto industry, others counter that the document's language is comparatively positive. Above all, the coordination and bringing together of various authorities for crypto regulation is in the foreground.


The Executive Order identifies six key areas where the US government intends to intervene in the crypto market, which are investor protection, financial stability, financial inclusion, responsible innovation, US global financial leadership and combating illicit financial activities. Individual authorities should take the helm for the respective topics and draft appropriate regulatory provisions.


For example, the Ministry of Finance will take the lead in developing measures to reduce systemic risks posed by cryptocurrencies and better protect crypto investors. The Financial Stability and Oversight Council should in turn set the course for global and national risks and point out regulatory gaps that need to be closed. All authorities involved should have an eye on national security issues and the fight against illegal financial activities, with “an unprecedented focus on coordinated cooperation”.


In addition to dealing with risk, however, the executive order also wants to exploit the potential of cryptocurrencies in terms of access to financial services and expanding the US' global leadership position in the global financial system. Specifically, the Department of Commerce is tasked with developing a regulatory framework to ensure the United States remains competitive in the crypto space.


The Ministry of Finance is also to prepare a report on the "Future of Money and Payment Systems" and intensify research efforts with regard to a central bank digital currency (CBDC) of its own.


The executive order is not least due to the fact that there are serious concerns in the US government that Russia could use cryptocurrencies to circumvent the West's financial sanctions. Speculation about the possible content of the regulation only really picked up speed yesterday after Finance Minister Janet Yellen inadvertently revealed the first planned measures in a statement .

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