You may have heard in the news Biden is now leading a ‘critical’ call for game-changing global Bitcoin and crypto rules after the FTX Collapse.

As I mentioned in earlier posts, the FTX collapse is a perfect opportunity to push for new crypto regulation, which is what is currently happening — but it is not the Biden administration leading this regulatory guidance.

It’s far more global and strategic!

If we look at the recent G20 Bali Leaders declaration, a global leadership summit that took place on November 15–16, 2022 we see it is really the Financial Stabilities Board (FSB) taking the lead on the implementation of new crypto regulations (globally).

Digging into the most recent FSB Report (October 2022), on the face of it, it actually seems to be good news for crypto however, it is looking like it will become highly regulated and controlled by ‘authorities’.

While oversight and regulation to help avoid the FTX and Luna-type failures would be good on one hand, on the other hand, such regulation will take away from privacy and anonymity, one of the foundational pillars of cryptocurrency.

The organizations participating with the FSB on this new regulation include the International Monetary Fund (IMF), the World Bank, BIS, Financial Action Task Force (FATF) as well as the International Organization Securities Commission (OICU).

Dates for the Implementation of New Crypto Regulations

According to the most recent FSB report, the FSB will be taking recommendations from many of the above-mentioned entities all the way until mid-2023.

The document further mentions how there won’t likely be any implementation until the end of 2023 and possibly 2024. The document further goes on to say they will review these recommendations by the end of 2025.

In Summary:

Crypto regulation is coming, but it’s a lengthy process requiring the input of many global entities and financial bodies and only after review and consultation of these recommendations, can we expect new crypto regulations to come into play.

While there may be fearmongering in the media about upcoming crypto regulations, it’s likely the implementation of any such regulations won’t take place for at least a few more years, or at least until 2025.