According to reports, the Biden administration has begun working on an executive order for a comprehensive government-wide strategy in cryptocurrency. In the next few weeks, President Joe Biden will receive this directive. It is possible that the strategy will be published as early as next month.
US Government-Wide Crypto Strategy
According to reports, the Biden administration will soon release a first government-wide strategy for digital assets including cryptocurrency. Bloomberg said Friday that the strategy was being developed as an executive orders. People familiar with the subject reported that officials from the administration have had multiple meetings regarding 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.
It will provide details on the regulatory, economic and national security issues posed to cryptocurrencies. It will direct various federal agencies to weigh in with their assessments of crypto’s risks and opportunities. The second half 2022 will see them being asked for reports.
Financial Stability Oversight Council (FSO) will examine the systemic implications of digital assets. A second report will identify illicit use of cryptocurrency.
Biden is expected to comment on the possibility of the Fed issuing central bank digital currencies (CBDC). Federal Reserve published the long-awaited CBDC Report on Thursday. It also opened an open comment period for public comments until May 20.
Some are concerned that the U.S. has fallen behind China and other nations in its creation of a central banking digital currency. However, Federal Reserve Chairman Jerome Powell has insisted that the U.S. is not falling behind and the U.S. dollar’s status as the world’s reserve currency is not at risk.
Do you have any thoughts about the Biden administration’s draft of a crypto strategy for government? Please leave your comments below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.