Biden Admin Drafting a U.S. Government Wide Crypto Strategy
A government-wide strategy on digital assets is reportedly being drafted by the Biden administration. The strategy, which will include cryptocurrencies, is created in the form of an executive order, according to Bloomberg on Friday. The publication revealed that senior Biden administrators have already held multiple meetings on the plan.
The finalized draft is expected to be for review with President Joe Biden in the coming weeks, with the strategy ultimately being released to public as soon as next month.
Citing sources familiar with the matter, Bloomberg reports that the executive order will include a detailed review of economic, regulatory, and national security challenges posed by cryptocurrencies. In addition, various federal agencies will be consulted this year to weigh in with their views of crypto’s risks and opportunities. For example, the Financial Stability Oversight Council will check the possible systemic impacts of digital assets. Reports of their findings should be wrapped up by the second half of 2022.
Last Thursday, the Federal Reserve issued a long-anticipated report on central bank digital currency (CBDC) and opened a public consultation period until May 20. The Biden’ digital asset strategy is also expected to weigh in on this matter.
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Source: igaming
