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Wednesday, November 30, 2022

United States to publish executive order on crypto next week

President of the United States, Joe Biden, is expected to issue an executive order next week instructing government agencies to investigate various areas of the digital asset market in order to develop a complete regulatory framework. 

An individual familiar with the situation inside the Biden administration stated the executive order might arrive as soon as next week, according to Jennifer Schonberger of Yahoo Finance. President Biden’s decree would allegedly urge the Attorney General’s Office, the State Department, and the Treasury Department to investigate the possibility of a US-issued central bank digital currency.

In addition, the recently appointed Alondra Nelson, Director of the Office of Science and Technology Policy, will give an infrastructural report. Within 180 days, the agency will provide a report to the US President on distributed ledger technology, with a 545-day update on the technology’s environmental effect.  

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The Financial Stability Oversight Council (FSOC) evaluates financial stability risks arising from the implementation of cryptocurrencies under the executive order.

The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) consider market-protection measures and reports to the president on ways to mitigate cryptocurrencies-related risks.  

The influence of digital assets on market competitiveness will be investigated by the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the Office of the Attorney General (AG). The director and head of the first two agencies will examine privacy problems in the bitcoin field, respectively. 

The technology has only existed for the last three administrations. So, cryptocurrencies are not typically addressed in executive orders throughout the history of the United States.  

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