Bloomberg reports that the long-awaited Biden executive order on cryptocurrencies — outlining a coordinated policy response from all U.S. government agencies for digital assets — is expected to be signed by the president this week.
The fragmented effort and the lack of clarity about the overall direction of U.S. policy when it comes to regulating digital currencies, has been a source of frustration for the crypto market.
Also, decisions by large-economy nations, particularly from China and Russia, to issue central bank digital currencies (CBDCs), and the potential impact that this implementation could have on the dominance of the greenback in the global economy, have been a source of concern for the Fed and other central banks around the world.
What the Executive Order May Contain
The executive order will reportedly direct federal agencies “to examine potential regulatory changes as well as the economic and national security impact” posed by cryptocurrencies.
The order, which has been in the works since last year, will require various federal government agencies to submit reports regarding the development of a comprehensive U.S. digital asset strategy later this year.
The publication noted that the White House’s approach to cryptocurrencies has attracted fresh attention in Washington in recent weeks as the potential for bitcoin and other virtual currencies to undermine U.S. sanctions against Russia increases.
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