Joe Biden’s administration to establish new rules related to crypto
The U.S. government is weighing a regulatory crypto crackdown, as cryptocurrency prices continue to surge, as per the sources.
There is no doubt of the fact that the crypto market is here to exist and capture even a bigger share in the long run. However, amid the huge crypto price pump, the Biden administration is cynical and thus contemplating an executive order that would see a raft of new rules related to bitcoin and cryptocurrencies.
The cryptocurrency market soared to over $2.3 trillion since last month while the bitcoin price has rocketed 20% over the last month, adding over $10,000 per bitcoin.
In recent reports, the chairs of both the Federal Reserve, Jerome Powell, and the Securities and Exchange Commission (SEC), Gary Gensler, clarified that the U.S. shall not be following China’s footsteps of attempting to outlaw bitcoin and cryptocurrencies. The strategy related to crypto shall be made public as per the reports.