Biden to order crypto oversight: report

[ad_1]

President Biden’s executive order directing agencies to devise a comprehensive strategy to regulate cryptocurrencies and other digital assets and examine a digital dollar may be issued next week, according to Yahoo! finance.

Fast facts The order, expected weeks ago, was delayed by a disagreement between the White House and the Treasury over its scope, Bloomberg reported Wednesday. The media outlet also quoted a Treasury spokesperson denying there is a dispute. Treasury Secretary Janet Yellen supposedly does not think an executive order is necessary as various agencies are already engaged in the topics. The Federal Reserve has recently released a discussion paper and technical report on a potential digital dollar and the Securities and Exchange Commission is actively involved in cases to establish more clarity for regulating cryptocurrency. The Department of Justice on Thursday tapped Eun Young Choi, a seasoned federal prosecutor, to be the first director of its National Cryptocurrency Enforcement Team and announced the creation of a Virtual Asset Exploitation Unit at the Federal Bureau of Investigation, staffed with cryptocurrency experts, to work with the NCET. Biden’s order, however, will direct agencies to coordinate across the federal government and also with international agencies to study and currency policy on a variety of crypto and blockchain products and issues, including the financial stability of private digital assets such as stablecoins, consumer protection and the digital dollar.

[ad_2]