The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The introduction is expected to be presented to President Joe Biden in the coming weeks. The strategy may be released soon next month.
US Government Crypto Strategy
The Biden administration is reportedly preparing to release its first overall government strategy on digital assets, including cryptocurrencies. The strategy is being drafted into an executive order, citing people familiar with the matter, Bloomberg reported Friday, citing senior administration officials meeting several times over the plan.
The publication states that the final executive order is expected to be on President Joe Biden’s desk in the coming weeks. The publication submitted, adding that the strategy could be released immediately next month.
This guide describes in detail the economic, regulatory, and national security challenges posed by cryptocurrencies. It will lead various federal agencies to balance with their assessment of crypto risks and opportunities. They will be asked to submit a report of their findings in the second half of 2022.
For example, the Financial Stability Review Board will assess the systemic potential impact of digital assets. Another report will identify the illegal use of cryptocurrencies.
The Biden administration is also expected to weigh on the Fed’s expectations of the Federal Reserve issuing digital currency (CBDC). On Thursday, the Federal Reserve released the long-awaited report on the CBDC and opened a public comment period until May 20.
Some have expressed concern that the United States is lagging behind other countries, especially China, in developing its central bank digital currency. However, Fed Chairman Jerome Powell insisted that the US was not lagging behind and that the US dollar, the world’s reserve currency, was not at risk.
What do you think of the Biden administration, which is planning a cryptocurrency strategy across the government? Let us know in the comments section below.
Photo Credit: Shutterstock, Pixabay, Wiki Commons
Rejection: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell or a recommendation or approval of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author is directly or indirectly liable for any damages or losses incurred or allegedly caused by or related to the use or reliance on the content of any goods or services. Mentioned in this article.