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The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be presented to President Joe Biden in the coming weeks. The strategy could be published as early as next month.

US Government Wide Crypto Strategy

The Biden administration is reportedly preparing to release an initial government-wide strategy on digital assets, including cryptocurrencies. The strategy is being drafted as an executive order, Bloomberg reported on Friday, citing people familiar with the matter, who said senior administration officials held several meetings on the plan.

The finalized executive order should be on President Joe Biden’s desk in the coming weeks, the publication said, adding that the strategy could be released as early as next month.

The directive will detail the economic, regulatory and national security challenges posed by cryptocurrencies. It will ask various federal agencies to intervene in their assessments of the risks and opportunities of crypto. They will be invited to submit reports on their findings in the second half of 2022.

For example, the Financial Stability Supervisory Board will assess possible systemic impacts of digital assets. Another report will determine illicit uses of cryptocurrencies.

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 released a long-awaited report on the CBDC and opened a public comment period until May 20.

Some people have expressed concern that the United States is falling behind other countries, especially China, in developing a central bank digital currency. However, Federal Reserve Chairman Jerome Powell has insisted that the United States is not lagging behind and that the status of the US dollar as the world’s reserve currency is not in jeopardy.

What are your thoughts on the Biden administration crafting a government-wide crypto strategy? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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