The US President Joe Biden is very busy. Besides plenty of geo-political matters and internal economic wrangling, his team seems to be preparing an executive order on cryptocurrency policy.
This new executive order could be signed as early as Wednesday, 9 March. This order would amount to assigning one regulatory authority to oversee the crypto market.
It is now clear that the whole world, including the US, wants more regulation and oversight of the local crypto sector. The other two alternatives are a ban or no regulation at all. Since no regulation at all is not a reality anymore, most crypto companies have resigned themselves to more regulation. Anything is better than a ban.