As per reports White House is all set to release new rules in February

White House

Citing many unnamed sources, Get India News stated that the Joe Biden administration would order multiple federal agencies to evaluate business opportunities and risks posed by the digital assets. These reports will be due by the second half of 2022. As per the current legislation, there are no set rules of the comprehensive legal framework for cryptocurrency exchanges or digital assets. Also, the Securities and Exchange Commission had called for the crypto market oversight.

The digital assets and blockchain are already quite difficult to understand completely, and the crypto-related policies also lack clarity. Many industries top executives like Sam Bankman have also called for many regulations stating clearing the hurdles for making the entry for institutional and retail investors.

The Biden-led directives will also place the White House at the effort center to set up the policies and regulate the market in the United States. The sell-off will follow the development in the crypto markets to cater to the impact of tightening your finances. Also, Bitcoin broke down to lower than 36,000$, and also Ether fell lower than 2500$ wiping out 350$ billion value of the crypto market for the weekend.

According to Uptobrain, The Federal agencies, including the Financial Stability Oversight Council, were tasked with publishing the reports for illicit uses and systemic impacts for cryptocurrencies. Many similar reports from the Federal Reserve detailed the advantages and disadvantages of using digital currency. Directives are not finalized, yet modifications can be made.