The Biden Administration released a broad executive order looking at how to approach digital assets, and how to regulate them.
Victoria Vergolina
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We hear the words “Crypto” and “Regulation” mentioned in the same sentence a lot these days. In the U.S. House, Financial Services Committee Chair Maxine Waters and Ranking Member Patrick McHenry are looking to regulate stablecoins in the wake of the Terra/Luna collapse, when this supposed ‘stablecoin’ proved not so stable.
Though still in markups, their efforts are matched on the Senate side with an early August regulation proposal by the Agriculture Committee, who oversees the CFTC: the Commodity Futures Trading Commission.
And not to mention Senators’ Cynthia Lummis and Kirsten Gillibrand’s landmark crypto bill released earlier this summer: The Responsible Financial Innovation Act, also in process. All of this is in an effort to figure out how to shore up a young, volatile, but entrenched asset class.
The issue has also caught the attention of the Biden administration. Earlier this year, the President signed a broad executive order that called on federal agencies to both “protect consumer rights and the rights of investors.” But can these agencies walk and chew gum at the same time? And what is Biden potentially getting right - and wrong - about regulating the cryptosphere?
We talk with Bloomberg Intelligence -BI - Senior government Analyst Nathan Dean.
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