US President Biden to Issue Executive Order on Crypto This Week – An administration official familiar with the matter told Yahoo Finance that US President Joe Biden is expected to release an executive order on bitcoin this week. The news that the Biden administration was working on a crypto executive order initially surfaced in January.
According to the publication, the executive order would direct a wide variety of government institutions to investigate cryptocurrencies and central bank digital currency (CBDC) and develop a government-wide policy to regulate crypto assets.
Various government agencies, including the Departments of the Treasury, State, Justice, and Homeland Security, will be requested to create a report on the future of money and payment systems.
The Financial Stability Oversight Council (FSOC) will look into the financial stability risks that digital assets have caused. Cryptocurrencies, according to the International Monetary Fund (IMF), may soon represent a threat to country’s financial stability.
The Attorney General, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau will look into how the crypto industry’s rise may affect market competitiveness. The Federal Trade Commission (FTC) recently issued multiple cautions concerning cryptocurrency investment schemes.
Market protection measures will be considered by the Securities and Exchange Commission, the Commodity Futures Trading Commission (CFTC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) within their jurisdictions. Last week, SEC Chairman Gary Gensler stated that the SEC will collaborate with the CFTC to regulate the crypto market.
After consulting with the SEC, CFTC, and federal banking agencies, the Treasury Department will compile a report for the president on how to defend against the risks of cryptocurrencies.
Consumer, business, and investor protection measures will also be examined as part of the executive order. Stablecoins, privacy, and distributed ledger technology will be among the topics covered (DLT).
President Biden to Issue Executive Order on Crypto This Week – The FBI inaugurated a new section to combat cryptocurrency exploitation last week, and the Department of Justice (DOJ) named the first director of its National Cryptocurrency Enforcement Team.
The United States will also consider collaborating with other countries to harmonize crypto rules. Global authorities are “going full steam” on crypto regulation, according to Robert Ophèle, a member of the Financial Stability Board (FSB). “With the expansion of cross-border digital market activity, the current structure is no longer suitable for the purpose,” he said.