Crypto Currency News

The Biden administration is already working on a new regulation of Bitcoin and crypto currencies

Regulations are in an early stage.

The rumors seem to have been confirmed. A Fox News journalist claimed through his Twitter account that the Biden administration is currently working on a “regulatory approach” for Bitcoin, crypto currencies, and the crypto industry in general.

Charles Gasparino cited Wall Street executives close to the Biden administration and clarified that the regulations are in an early stage. Undersecretary of the Treasury, Wally Adeyemo, will apparently have an important role in the crypto regulatory framework that will be headed by Secretary of the Treasury, Janet Yellen.

The Fox News journalist highlighted the role of the recently appointed president of the Securities and Exchange Commission (SEC), Gary Gensler, who took office last Saturday and would be awaiting instructions from the Treasury office on the general policy to be implemented with a new regulatory framework.

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According to analysts say the US, administration Biden could be under pressure to approve a new regulation for market crypto coins. The SEC alone has more than 9 applications for Bitcoin ETFs from different companies. Another pressure point is in the north, Canada is consolidating its lead on this front with several already approved Bitcoin and Ethereum ETFs.

Precisely, Gasparino stated that a new regulation could be approved in the next four weeks and could coincide with the launch of the first Bitcoin ETF in the US.

For its part, the White House has not provided any statements in this regard.

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