"China had to ban it completely to remove the problem" what?
They didn't remove any problem, they created new ones. Or, they washed their hands off any responsibility to regulate or intervene -- I always suspected that the crypto-related scams in China led to a lot of pressure from the government to act. They installed a blanket ban as they couldn't understand enough on who to license, and who not to. Regulating would mean enforcement and they'd rather just criminalise now until they figure it out.
Regulating Bitcoin of course at face value is not possible but I'm sure we're not meant to take the decision at face value.
Topic: [2022-01-29] Biden Admin To Regulate Bitcoin As A Matter Of National Security - page 2. (Read 433 times)
January 29, 2022, 05:44:28 AM
January 29, 2022, 12:03:03 AM
The Biden administration can use the full power of the executive branch, however, they certainly will have an unpleasant discovery that the cryptospace cannot be regulated similar to how they regulate traditional financial institutions. If an authoritarian government similar to China cannot control it, how would a government with distributed powers do it? China had to ban it completely to remove of the problem. This remains arguable if it worked, however. There are some news updates that some people still use bitcoin and altcoins in China. There are also some small mining farms.
The White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies as currently legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.
The Biden administration will release an executive order in the coming weeks to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies pose, Bloomberg first reported.
The regulatory efforts would reportedly involve the State Department, Treasury Department, National Economic Council, and Council of Economic Advisers, as well as the White House National Security Council as the administration gauges that cryptocurrencies have “economic implications for national security,” per the Barron’s report.
Read in full https://www.nasdaq.com/articles/biden-administration-to-regulate-bitcoin-as-a-matter-of-national-security%3A-report
The White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies as currently legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.
The Biden administration will release an executive order in the coming weeks to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies pose, Bloomberg first reported.
The regulatory efforts would reportedly involve the State Department, Treasury Department, National Economic Council, and Council of Economic Advisers, as well as the White House National Security Council as the administration gauges that cryptocurrencies have “economic implications for national security,” per the Barron’s report.
Read in full https://www.nasdaq.com/articles/biden-administration-to-regulate-bitcoin-as-a-matter-of-national-security%3A-report
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