By the end of Q4, the administration of President Biden may issue bills that would strictly regulate the cryptocurrency market.
Bitcoin and other altcoins will be controlled by the Fed, the Securities and Exchange Commission, and national security agencies.
Earlier, China completely tightened its policy on the crypto market and banned all cryptocurrency transactions, as well as mining.
Now this situation could have a negative impact as most of the miners have moved from China to the United States of America, particularly to Texas.
The government wants to involve all relevant authorities to take full control of the cryptocurrency market, whose capitalization has already surpassed $2 trillion.
Joe Biden has long planned to tackle the cryptocurrency market as, he says, digital assets are a completely uncontrollable illicit financial flows and a hotbed of lawlessness.
According to insiders, US authorities receive a lot of negative feedback from various investors and traders who cite NFT scams and wallet hacks. They also claim that cryptocurrency is being used as a shadow means to finance illegal terrorist organizations.
The US Department of Justice has announced the formation of the National Cryptocurrency Enforcement Team (NCET). It will investigate and prosecute criminal misuse of cryptocurrency in ransomware attacks.
The White House wants to take complete control of the cryptocurrency market, but it is unlikely they will succeed in getting rid of financial innovation.
