Biden Administration Makes Regulation of Bitcoin a National Security Issue

According to multiple reports, the White House wants a cohesive set of policies to regulate bitcoin and cryptocurrencies, as legislation and enforcement are currently scattered across various departments and agencies. The order will come within the framework of national security efforts as the government attempts to analyze cryptocurrencies and adopt a cohesive regulatory framework that will cover bitcoin, cryptocurrencies, stablecoins and NFTs. A person familiar with the White House plan said it was aimed at looking at digital assets as a whole and creating a set of policies that would align what the administration is trying to do in this area. Since digital assets will not stay in one country, it is necessary to synchronize with other countries. The regulatory effort will 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 government measures cryptocurrencies to have “economic implications for national security,” according to Barron’s. Previously, Golden Finance reported that the Biden administration will issue an executive order on encryption as early as February.