HOUSTON – (March 10, 2022) – President Joe Biden’s long-awaited executive order on cryptocurrency regulation emphasizes the need for more consistency and clarity of rules across federal agencies, according to an expert from Rice University’s Baker Institute for Public Policy.
The federal government has been trying for years to figure out how to enforce regulations on cryptocurrency, with an estimated $1 trillion per year in tax revenue going uncollected, says Joyce Beebe, a fellow in public finance at the Baker Institute. She is available to discuss the topic with the news media.
“This executive order is a meaningful first step that encourages more research and understanding of the issues,” Beebe said.
IRS cryptocurrency enforcement efforts have been hampered by a lack of third-party information reporting, Beebe said. Additional reporting and data gathering on tax compliance and cryptocurrency transactions themselves would help regulators better manage the evolving industry.
Biden’s executive order also addresses several other critical issues, such as investor protection, consumer protection, financial inclusion and further assessment of a central bank digital currency.
“Better transparency and regulation throughout the industry will protect consumers from scams or cyberattacks,” Beebe said.
To schedule an interview with Beebe, or for more information, contact Avery Franklin, media relations specialist at Rice, at averyrf@rice.edu or 713-348-6327.