Biden expected to issue executive order on crypto and CBDCs next week: Report
The White House will reportedly be issuing an executive order as early as next week directing government agencies to study different aspects of the digital asset space with the goal of creating a comprehensive regulatory framework.
In a Thursday report from Yahoo! Finance, Jennifer Schonberger said an official familiar with the matter within the Biden administration revealed the executive order could arrive as soon as next week. The directive from President Biden would reportedly order the Office of the Attorney General, the State Department, and the Treasury Department to study the potential rollout of a U.S.-issued central bank digital currency.
In addition, the Director of the Office of Science and Technology Policy — the newly appointed Alondra Nelson — would provide an evaluation on the infrastructure needed for the U.S. to support a digital dollar. The agency will reportedly plan to issue a report to the U.S. President on distributed ledger technology within 180 days, with an update expected on its environmental impact in 545 days.
Under the executive order, the Financial Stability Oversight Council would study financial stability issues resulting from the introduction of cryptocurrencies. The Securities and Exchange Commission, Commodity Futures Trading Commision, Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency will consider measures to protect the markets and report to the president on methods to mitigate risks with respect to crypto.
The Consumer Financial Protection Bureau, Federal Trade Commission, and Office of the Attorney General will study the impact of digital assets on market competition. The director and chair of the first two aforementioned agencies,
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