Biden administration may release executive order on crypto in February

cnbctv18.com:

The White House is working on an executive order that will detail the government’s strategy on cryptocurrencies. The Joe Biden administration has reportedly directed federal agencies to outline the risks and opportunities of digital assets, per a Bloomberg report.Individual federal agencies like the Financial Stability Oversight Council (FSOC) and the Securities and Exchange Commission (SEC) had so far been taking a scattershot approach in regulating cryptocurrencies.

However, the White House faced continuous pressure from cryptocurrency industry executives who raised concern over the lack of clarity on the rules.The Bloomberg report suggests the executive order, which will detail the economic, regulatory, and national security challenges that cryptocurrencies pose, may be released as early as next month. The final draft of the executive order is expected to be presented to President Biden in the coming few weeks, per the Bloomberg report.Also Read | Crypto rout worsens: Bitcoin, crypto mcap fall by more than 50% in 3 monthsThe senior administration members have held multiple meetings to draft and execute the executive order.

Through the directive, the White House will assume a central role in overseeing efforts related to setting policies and regulating digital assets.The executive order will also include detailed reports from various federal agencies on the impact of digital currencies in the second half of 2022.One of the reports are expected to be released by the FSOC, a group that includes the top financial watchdogs in Washington, will evaluate the possible systematic impact of digital assets in the country. Another report aims to determine the illicit use of cryptocurrencies.Also Read | Is investment in 'volatile'