The decision comes from the Treasury Department preparing to regulate cryptocurrencies under an executive order.
On Sept. 19, the Treasury Department announced that public feedback will guide its perspectives when drafting a regulatory bill, as required by Biden's executive order on cryptocurrencies.
Listening to people about crypto regulation? Interesting...
The executive order notes that using digital assets has enabled unscrupulous actors to easily commit financial crimes related to money laundering, terrorism, fraud, and embezzlement schemes.
On Sept. 17, the White House released an action plan to regulate cryptocurrencies, cryptocurrency fraud, and the feasibility of a digital dollar.
SEC Chairman Gary Gensler supported the proposal, adding that he would give the CFTC more control over the cryptocurrency market "as long as it does not take power away from the SEC."