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The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The policy is expected to be presented to President Joe Biden in the coming weeks. The strategy could be published as early as next month.
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 will be drafted as an executive order, Bloomberg reported on Friday, citing people familiar with the matter who revealed senior administration officials have held several meetings on the plan.
The final executive order is expected to be on President Joe Biden’s desk in the coming weeks, the publication said, adding that the strategy could be released as early as next month.
The policy will detail the economic, regulatory and national security challenges posed by cryptocurrencies. It will direct various federal agencies to weigh their assessments of crypto’s risks and opportunities. They are asked to submit reports on their findings in the second half of 2022.
For example, the Financial Stability Oversight Council will assess the potential systemic impact of digital assets. Another report will identify the illegal use of cryptocurrencies.
The Biden administration is also expected to weigh the prospect of the Fed issuing a central bank digital currency (CBDC). On Thursday, the Federal Reserve released a long-awaited report on CBDC, opening a public comment period until May 20.
Some people have expressed concern that the US is falling behind other countries, particularly China, in developing a central bank digital currency. However, Federal Reserve Chair Jerome Powell has insisted the US is not falling behind and the US dollar’s status as the world’s reserve currency is not in jeopardy.
What do you think of the Biden administration drafting a government-wide crypto strategy? Let us know in the comments section below.
As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.
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