The White House is planning to regulate crypto currencies which has no central authority of bank to directly be ordered. Biden wants to take executive action which makes federal agencies be tasked with regulating crypto as a national security task, most likely if action is taken the NSA will get involved.
A Source has said that the National Security Council will get involved due to the economics of it. The Source also said “Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization,” the person said.
The Problem with this plan is India tried to do a similar thing which completely did not work and caused them to reverse the ban which didn’t affect the market.
The Russian government has done some sorts of tightening crypto mining and trading while Putin has called the crypto a good thing and should not be hated in a CNBC news interview on stage.