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The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be submitted to President Joe Biden in the coming weeks. The strategy could be released as early as next month.
U.S. government-wide cryptocurrency strategy
The Biden administration is reportedly preparing to release an initial government-wide strategy on digital assets, including cryptocurrencies. The strategy is being drafted as an executive order, Bloomberg reported on Friday, citing people familiar with the matter, who said senior administration officials had held multiple meetings on the plan.
The publication conveyed that the final executive order is expected to be on President Joe Biden’s desk in the coming weeks, adding that the strategy could be released as early as next month.
The directive will detail the economic, regulatory and national security challenges posed by cryptocurrencies. It will guide various federal agencies in weighing their assessments of cryptocurrency risks and opportunities. They will be required to submit a report on their findings in the second half of 2022.
For example, the Financial Stability Oversight Board will assess the possible systemic impact of digital assets. Another report will determine the illegal use of cryptocurrencies.
A Biden administration is also expected to weigh the prospect of the Federal Reserve issuing a central bank digital currency (CBDC). On Thursday, the Federal Reserve released a long-awaited report on CBDCs and opened a public comment period until May 20.
There are concerns that the U.S. is lagging behind other countries, especially China, in developing central bank digital currencies. However, Federal Reserve Chairman Jerome Powell insisted that the U.S. is not lagging behind and the dollar’s status as the world’s reserve currency is not under threat.
What do you think of a Biden administration drafting a government-wide crypto strategy? Let us know in the comments section below.
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