Biden Administration To Regulate Bitcoin As A Matter Of National Security: Report

[Mugsy777]

The White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies as currently legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.

The Biden administration will release an executive order in the coming weeks to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies pose, Bloomberg first reported.

The order is set to come under the umbrella of national security efforts as the administration seeks to analyze cryptocurrencies and employ a cohesive regulatory framework that would cover Bitcoin, cryptocurrencies, stablecoins, and NFTs, Barron’s reported Thursday.

[Waterstpub87]

Be careful over these next 6 months offshore guys. Might get a little dicey.

[inter1097]

Hopefully this gets the same fate his federal vaccine mandate did..

[KS1986]

Why do you think it might get dicey?

[Waterstpub87]

Why do you think it might get dicey?

Think about it.

They are trying to prevent people using it for money laundering. Imagine that coinbase would now require you to provide reasons for why you got a bitcoin transfer and would now investigate even more than they normally do. How long would it take before bitcoin turns into the same way the money transfer services did.

Depends on what the executive order looks like. But it's not a good sign for the future.

[DwightShrute]

I am guessing that the CIA and the Federal government are some of the biggest users of crypto, funding all sorts of things overseas and they will be exempt from this new legislation, if it passes.

[Optional]

US govt coin just brings even more credibility to other crypto.

The market will decide which coins they feel safe investing in. And will adapt faster than govt can make new rules.

Buy during any panic over it for sure, as the hype will definitely be a lot worse than the reality once bedded in.

[newton0038]

When it gets regulated and monitored, non compliance will in billions being seized

[Natty68]

Great...so now Coinbase is gonna act like Wehsehrn Youneeion and Emm Geee and interrogate everyone about every farkin thing

[VeggieDog]

Any time the government, ANY government gets involved, things turn into a shitteshow.

[Waterstpub87]

Great...so now Coinbase is gonna act like Wehsehrn Youneeion and Emm Geee and interrogate everyone about every farkin thing

Exactly. They'll have to. If they treat bitcoins like a security, it will be even worse.

[Crusherrr]

My whole life is basically poker, sports betting and crypto and it just feels like doomsday is always near. Constantly needing to adapt gets annoying. I swear that gambling is 1% the stress that worrying about the future of my livelihood with shit thanks to the govt is.

[KS1986]

Great...so now Coinbase is gonna act like Wehsehrn Youneeion and Emm Geee and interrogate everyone about every farkin thing

They were already doing this 5 years ago.

[milwaukee mike]

it's been a good run

neteller/**/etc all stopped being usable in a quicker timeframe than bitcoin

[comet52]

Crypto is how every ransomware criminal transacts, along with all sorts of dark web crime. Sports bettors are just collateral damage in a larger war.