Biden Administration Preparing to Release Government-Wide Crypto Strategy: Report
The Biden administration is reportedly preparing to release an initial government-wide strategy on digital assets, including cryptocurrencies.
US Government-Wide Crypto Strategy
The finalized executive order is expected to be on President Joe Biden’s desk in the coming weeks, the publication conveyed, adding that the strategy could be released as soon as next month.
The directive will detail economic, regulatory, and national security challenges posed by cryptocurrencies.
For example, the Financial Stability Oversight Council will evaluate the possible systemic impacts of digital assets.
The Biden administration is also expected to weigh in on the prospect of the Fed issuing a central bank digital currency (CBDC).
On Thursday, the Federal Reserve issued a long-awaited report on CBDC and opened a public comment period until May 20.
Some people have voiced concerns that the U.S. is falling behind other countries, particularly China, in its development of a central bank digital currency.