As we reported last week, US President Joe Biden is expected to release an executive order on cryptocurrency this week.
According to reports, this order will instruct several government agencies to study cryptocurrency and central bank digital currency (CBDC) and develop tactical methods to regulate crypto assets. These government agencies, including the Departments of the Treasury, State, Justice, and Homeland Security, would also be expected to curate a report on the future of money and payment systems.
Reports also noted that the Financial Stability Oversight Council (FSOC) would evaluate financial stability threats posed by digital assets. Meanwhile, the Attorney General, the Federal Trade Commission (FTC), and Consumer Financial Protection Bureau will focus on assessing the growth of the crypto industry and how it could affect market competition.
Furthermore, the Securities and Exchange Commission (SEC), 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) will focus on developing regulatory measures within their jurisdictions.
The Treasury Department will focus on organizing a report for the president on how to guard against potential risks posed by cryptocurrencies after extensive consultations with the SEC, CFTC, and federal banking agencies.
US President Executive Order to Asses Stablecoins As Well
The presidential executive order will also assess consumer, business, and investor protection mechanisms. Additionally, the order will address matters concerning stablecoins, privacy, and distributed ledger technology (DLT).
As the US government ramps up its crypto regulatory measures, the Federal Bureau of Investigation (FBI) recently launched a unit specifically for tackling crypto exploitation, while the Department of Justice (DOJ) has appointed the first director for its National Cryptocurrency Enforcement Team.
Reports also show that the US government is open to working with other governments to develop standardized crypto rules. Commenting on crypto regulation, Robert Ophèle, a member of the Financial Stability Board (FSB), recently asserted that global regulators are “going full steam” on regulating the crypto space.
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