Joe Biden to issue an executive order on crypto and Central Bank Digital Currency soon

February 18, 2022

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The White House will be administering an administrative order very soon supervising government mechanisms to research numerous facets of the digital asset space to develop an extensive regulatory framework. The declaration from President Biden would order the Office of the Attorney General, the State Department, and the Treasury Department to study the probable rollout of a U.S.- administered CBDCs. Furthermore, the Director of the Office of Science and Technology Policy, the newly appointed Alondra Nelson, would deliver an examination on the infrastructure wanted for the U.S. to benefit from a digital dollar. The agency will design to hand out a report to the U.S. President on allocated ledger technology within 180 days, with an anticipated on its environmental effect in 545 days.

Under the director order, the Financial Stability Oversight Council would study financial stability problems arising from the beginning of virtual currencies. The Consumer Financial Protection Bureau, Federal Trade Commission, and Office of the Attorney General will survey the consequence of digital assets on market competition. The director and chair of the first two forenamed agencies, respectively, will study privacy problems for the space.

President Biden has signed since taking office in January 2021 — would be utilized to expand a detailed regulatory framework for digital properties in the U.S. The last authority distributed 220 executive orders 4 years, while President Barack Obama published 276 orders during his 2 periods. Virtual currencies have rarely been presented in executive declarations during the history of the United States. The technology has only existed through the last 3 governments.

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