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The Biden administration is pressing US regulators to step up oversight of the cryptocurrency sector with an executive order.
According to sources from Bloomberg, the White House intends to issue an executive order, ordering the Treasury Department, Commerce Department, and national security agencies to step up research in the field of cryptocurrencies and propose regulations. .
In addition, Washington also wants these units to “clarify their responsibilities” for overseeing activities related to cryptocurrencies and blockchain, thereby forming a unified legal perspective, rather than a single status between them. agency as it is today.
The Biden administration in the past time is clearly showing interest in the cryptocurrency industry, specifically stablecoins. Washington views these USD-pegged currencies as potential financial risks, as the companies that issue them may not be able to secure adequate collateral. As Cointelegraph reported, the White House is hoping that Congress can enact legislation to regulate stablecoin issuers as banks.
In addition, the US Treasury Department is also conducting an investigation into the stablecoin sector, but it is not clear when the results will be announced.
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