President Biden Expected To Sign Executive Order on Cryptocurrencies This Week

A new report says directives outlining the US government’s cryptocurrency strategy are set to be issued this week.

Citing unnamed sources, Bloomberg says President Biden will sign an executive order that will require federal government agencies to study the impact of digital assets on national security and the economy.

The executive order will also direct federal government agencies to look into potential regulatory changes that might be required amid the growing adoption of cryptocurrencies.

Bloomberg also says that the executive order will likely address the possibility of a central bank digital currency (CBDC), a stablecoin pegged to the dollar issued by the Federal Reserve Bank.

The federal government agencies will be required to report their progress later this year. Work on the executive order began last year.

The Biden administration is reportedly under pressure to play a coordinating role on matters touching on digital assets in Washington D.C. as cryptocurrency industry executives bemoan the lack of regulatory clarity.

President Biden’s executive order on cryptocurrencies is set to be issued weeks after the initial signing was postponed. Last month, it was reported that differences between the U.S. Treasury Department and the White House led to the delay in signing the executive order on cryptocurrencies.

The Treasury Department reportedly considered the executive order unnecessary especially in relation to the CBDC, with the Treasury Secretary Janet Yellen holding the view that the Federal Reserve should be given leeway on the subject.

Russia’s then-impending invasion of Ukraine reportedly also played a role in delaying the signing of the executive order.

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