Sources close to the Biden administration have revealed that it is in the early stages of developing a regulatory approach to cryptocurrencies. According to sources, the newly appointed SEC chair is waiting for direction from the Treasury as to the overarching policy on crypto regulation before establishing a specific regulatory approach. The key areas under consideration include infrastructure and taxation. There have also been reports that the SEC is continuing to debate whether to approve a bitcoin ETF. There have been reports that the Biden administration is concerned about the crypto markets, and about investor protection issues and the potential rise of China’s digital yuan, in particular.