President Joe Biden has cryptocurrencies and NFTs in his iron sights

President Joe Biden has taken aim at cryptocurrencies and NFTs by planning an executive action that would usher in regulation.

Published Tue, Feb 1 2022 12:31 AM CST   |   Updated Sun, Feb 27 2022 1:38 AM CST

President Joe Biden has recently announced that cryptocurrencies and NFTs are in his metaphorical iron sights as the president moves to implement regulation for digital assets.

President Joe Biden has cryptocurrencies and NFTs in his iron sights 10 |

Reports are surfacing about the Biden administration currently preparing an executive action that will task federal regulatory agencies with implementing regulation on digital assets such as Bitcoin, Ethereum, NFTs and other forms of digital assets as a "matter of national security". Barron's reports that a person familiar with the White House's plan 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."

Federal agencies such as the State Department, Treasury Department, National Economic Council, Council of Economic Advisers, Security and Exchange Commission, White House National Security Council, and more would be involved in the regulatory effort. Additionally, the report states that the White House won't be issuing recommendations to federal agencies as it will act as a policy coordinator. Regulators will be given three to six months to create proposals for the regulation of digital assets, which the White House will then vet.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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