Biden Administration to Release Executive Order on Crypto Next Month

According to Bloomberg, the finalized executive order details economic, regulatory, and national security challenges posed by cryptocurrencies including the various risks and challenges it comes with.

Various federal agencies will be required to input on the initiative from the State Department to the Commerce Department. Bloomberg further reported that Biden Administration officials have met multiple times to discuss the directive, which will be presented to the president in the next few weeks.

The administration is also required to provide feedback on the prospect of the Fed issuing a central bank digital currency (CBDC). But, for now, this has been put on a hold, as the Federal Reserve is still considering the issue. Just last week, the central bank issued a long-awaited white paper on the digital dollar and opened a public comment period until May 20.

In the meantime, federal agencies have been providing regulatory guidance around the digital asset sector for years. For instance, the Office of the Comptroller of the Currency (OCC), the US Securities Exchange and Commission (SEC), and Commodity Futures Trading Commission (CFTC) have already issued guidance letters, informal statements, and public rulemaking efforts to direct how the crypto industry should comply with federal law. However, these agencies have not come together to coordinate in a single document.