Security News > 2022 > March > Biden legitimizes cryptocurrency with regulatory exploration

Biden's executive order is the first step in a government-wide addressing of cryptocurrency risk, and the starting block from which cryptocurrency could become safer, more accessible, and more accepted.

While there may be a few cryptocurrency purists who will shun this and any subsequent regulation for cryptocurrency in protection of its original, libertarian roots, most of the cryptocurrency community will no doubt be pleased to see it being legitimized and deemed worthy of regulatory scrutiny.

There is no doubt that with this new exploration, we will see new regulations or at the very least the broadening of existing regulatory parameters for cryptocurrency.

While this will mean more work up front for the compliance and regulatory change teams, in the long term it will create a huge advantage in the US. The current regulatory framework around cryptocurrency is fragmented at both state and federal levels.

Compliance teams currently battle hundreds of fragmented regulatory obligations to create something that will withstand regulatory scrutiny.

The signing of this Executive Order has the potential to add new vigor to regulatory discussions, and will no doubt see an aligning of regulatory understanding, which will simplify matters for compliance in the longer term.

News URL

https://www.helpnetsecurity.com/2022/03/16/cryptocurrency-regulation/