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US President Biden is expected to issue an executive order this week directing government agencies to study different aspects of the digital asset space to come up with a nationwide strategy on regulating cryptocurrencies.
Execute Order on Cryptocurrencies
According to a Thursday report from Yahoo Finance, the directive from Biden would reportedly order the Office of the Attorney General, the State Department, and the Treasury Department to study the different aspects of cryptocurrencies and central bank digital currency (CBDC). Under the executive order, the Financial Stability Oversight Council would study the issues of financial stability that could come up 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 protection measures regarding the risks related to cryptocurrencies. In the meantime, the Attorney General, the Federal Trade Commission and Consumer Financial Protection Bureau will study how the growth of the crypto industry could impact the overall market competition.
US Government Coming to Regulate Crypto
In addition to domestic affairs, the US government will also look towards coordinating with other countries across the globe on the digital space. For instance, the State Department, Treasury, Commerce Department, and USAID will work with foreign counterparts for standardizing crypto rules. Just last week, the Federal Bureau of Investigation (FBI) launched a new crypto unit to tackle crypto crimes while the Department of Justice (DOJ) appointed its first director for its National Cryptocurrency Enforcement Team.