US government will issue Executive order on crypto industry

Reportedly, the US government is planning to introduce an Executive order that will figure out the degree of threat on countries because of crypto. 

The adoption of the crypto and blockchain industry is surging and with this adoption lots of challenges are also taking birth for the government authorities of every country. In particular, US government agencies are in huge tension because of the circulation of this decentralized crypto industry. 

According to reports, US government authorities are now planning to introduce a new order for this industry as a national security risk. 

A source citing this matter told that the US Joe Biden administration’ memorandum will set up a group/entity. The Biden administration will assign government officials to head the group. And the whole initiative of this decision is to study on the crypto, stablecoins, NFTs and blockchain industry. Study will point out the risks and possible options to bring policies to regulate this industry. 

Source said 

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space.”

Earlier this few days ago, Forbes published a report on this matter and claimed that the US government will use its findings of 2022 to figure out the possible risks and use cases with the use of cryptocurrencies. 

Majority of the issues raised by the US government authorities are against the Crypto assets use cases. But the US government is open to adopt blockchain technology to bring advancement and use cases in geo-specific surveillance. 

A similar kind of statement can be hear from Jerry Brito, the Executive Director for Washington D.C.-based think tank Coin Center, who raised voice against the US government’ new proposal to achieve power to block/seize any crypto transactions in case of involvement with illegal activities. 

1/ IMPORTANT

Included in the America COMPETES Act just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous not just for cryptocurrency but for privacy and due process generally. https://t.co/vLJLnIhQhB pic.twitter.com/1EC0SBaetk

— Jerry Brito (@jerrybrito) January 26, 2022

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