Biden Administration Preparing to Release Government-Wide Crypto Strategy: Report
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Loading... - Olivia Carrick
- 24 Jan 2022
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US Government-Wide Crypto Strategy
The Biden administration is reportedly preparing to release an initial government-wide strategy on digital assets, including cryptocurrencies. The strategy is being drafted as an executive order, Bloomberg reported Friday, citing people familiar with the matter, who revealed that senior administration officials have held multiple meetings on the plan.
The finalized executive order is expected to be on President Joe Biden’s desk in the coming weeks, the publication conveyed, adding that the strategy could be released as soon as next month.
The directive will detail economic, regulatory, and national security challenges posed by cryptocurrencies. It will direct various federal agencies to weigh in with their assessments of crypto’s risks and opportunities. They will be asked to submit reports of their findings in the second half of 2022.
For example, the Financial Stability Oversight Council will evaluate the possible systemic impacts of digital assets. Another report will determine illicit uses of cryptocurrencies.
The Biden administration is also expected to weigh in on the prospect of the Fed issuing a central bank digital currency (CBDC). On Thursday, the Federal Reserve issued a long-awaited report on CBDC and opened a public comment period until May 20. Read More…
