Crypto oversight is coming and to be honest I'm not too worried. The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government wide approach to handling how the government will monitor and tax cryptocurrencies. The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of the space. This mean looking at the financial regulation, economic innovation, and national security which have all been hot button issues this year.
Reports are that this initiative will also aim to coordinate agencies’ work on digital currencies throughout the executive branch. This might include having departments that have not traditionally looked at these assets join in the research and proposed oversight. As the market has ballooned to more than $2 trillion there has been growing arguments within government on which agencies actually have jurisdiction over the space. Supposedly, this regulation would clarify the responsibilities of various agencies and task them with examining relevant topics and reporting back on their findings.
We may see the frame work defining who will regualte the space. Right now there is a wide range of bureaucracies looking to control the space. The main players look to be the Treasury Department to the financial regulators of the Commerce Department and don't forget the the National Science Foundation and national security agencies.
Policy makers have struggled for years to come up with a comprehensive approach to oversee digital assets so we may actually see a comprehensive plan that allows for realistic laws and clarity that allows for new products and more investors entering the space.