- The White House is preparing an executive order to be issued next month that will detail a government strategy on crypto-currencies.
- The Biden administration is asking federal agencies to assess the risks associated with this new asset class.
- The directive will be presented to US President Joe Biden in the coming weeks.
A first government-wide strategy on cryptocurrencies is being prepared by the Biden Administration. Federal agencies have been tasked with assessing the risks and opportunities posed by the new asset class.
The directive will be published in the coming weeks
The White House is preparing an executive order that should be issued next month. The directive will detail a comprehensive government strategy on digital assets to describe their risks and opportunities.
According to Bloomberg, federal agencies have been tasked with assessing the risks and opportunities of crypto-currencies, as they have already been studying the sector for years.
The Office of the Comptroller of the Currency (OCC), the United States Securities & Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) have previously issued guidance letters and statements suggesting how the industry cryptocurrency should comply with federal law. However, the agencies have yet to come together to release a coordinated document.
The executive order will be presented to US President Joe Biden in the coming weeks as the government steps up its efforts to guide the new asset class.
Bloomberg further revealed that senior administration officials held several meetings on the plan as the White House faced pressure to take the lead on the cryptocurrency approach.
As consumer interest in cryptocurrencies has grown over the past year, the digital asset market has recently faced volatility, with the recent crash wiping out over $1 trillion from the market. of cryptocurrency.
Cryptocurrencies continue to be vulnerable to a sell-off, as seen following the Federal Reserve’s intention to pull stimulus from the market.
