Cryptocurrencies Are Preparing For Tsunami With A Price Pump

Cryptocurrencies Are Preparing For Tsunami With A Price Pump

The Biden administration is weighing an executive order that would see a raft of new rules related to bitcoin and cryptocurrencies.

The bitcoin price has rocketed 20% over the last month, adding over $10,000 per bitcoin. The price of ethereum, cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin have followed bitcoin higher, helping the combined cryptocurrency market soar to over $2.3 trillion.

Amid the massive crypto price pump, the Biden administration is weighing an executive order that would see a raft of new rules related to bitcoin and crypto-currencies, it was reported by Bloomberg, citing anonymous sources familiar with the matter.

The executive order, which is still under consideration, would see federal agencies charged with making recommendations on bitcoin and crypto and would touch on “financial regulation, economic innovation and national security,” Bloomberg was told by White House insiders who added a “crypto czar” could be appointed to “coordinate agencies’ work on digital currencies.”

A Biden administration official told the newswire that even if the executive order is not released, the overall U.S. strategy for cryptocurrencies will still be made public.

Over the summer, the crypto community revolted against a Treasury’s push for new tax reporting requirements on cryptocurrencies as part of president Joe Biden’s multi-trillion dollar infrastructure package.

Treasury secretry Janet Yellen has said the government should create a regulatory framework for stablecoins, cryptocurrencies pegged to traditional currencies or real-world assets that act as a major onramp for crypto investors, while influential U.S. senator Elizabeth Warren has called on regulators to accelerate a review of the impact of cryptocurrencies on the stability of the financial system.