There is rising speculation that President Joe Biden will issue an executive order regarding cryptocurrency in the coming week.
Various Agencies to Research Cryptocurrency for Regulation
Biden’s executive order on crypto will direct agencies across the government to research the digital tokens and a central bank digital currency (CBDC). The agencies should then present a government-wide strategy for regulating the blockchain industry.
The news comes from a statement by Jennifer Schonberger on Yahoo! Finance, who stated that an official close to the matter revealed that Biden’s executive order on crypto might be coming next week. The targeted government agencies of the order may include the office of the Attorney General, the State Department, Homeland Security, and the Treasury Department.
The news also states that the new Director of the Office of Science and Technology Policy, Alondra Nelson, will evaluate the infrastructure needed for the CBDC. The agency has 180 days to provide a plan for President Joe Biden. Additionally, it has 545 days to update him on the environmental impact in 545days.
The Financial Stability Oversight Council, on the other hand, would research the effect of the introduction of cryptocurrency on financial stability. SEC, the Commodity Futures Trading Commission, Fed Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will develop measures to protect markets and mitigate risks.
White House and Treasury Disagree of Order?
According to a report by Bloomberg, Biden’s executive order on crypto was to come weeks ago. However, it was delayed until next week because of a disagreement between the White House and the Treasury. Allegedly, Treasury Secretary Janet Yellen thinks agencies are already engaged in other topics. Thus, she does not see an executive order regarding cryptocurrency as a necessary move.
A Treasury official has since disputed the news as inaccurate. According to the official, the Treasury is involved in various efforts to regulate the cryptocurrency industry. Moreover, it is working with the FBI to form a new crypto unit led by an experienced cybercrime prosecutor.
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