Executive orders on digital assets were issued by both President Barack Obama and the previous administration.
According to reports, the White House will issue an executive order as soon as next week. It would entail instructing government agencies to investigate various facets of the digital asset ecosystem. In addition, its objective is to provide a comprehensive regulatory framework.
A source close to the Biden administration told Jennifer Schonberger that the executive order could be released next week.
President Biden’s executive order may direct the Attorney General’s Office to investigate a central bank-issued digital currency.
Nelson will also examine the US infrastructure required to support a digital currency.
According to reports, the CIA intends to submit a report to the US. Within 180 days, the President will be an expert on distributed ledger technology. They should also offer a 545-day update on the estimated environmental impact.
The Financial Stability Oversight Council would evaluate financial stability risks arising from the implementation of cryptocurrencies under the executive order.
The president will get a report from the SEC, CFTC, Federal Reserve, FDIC, and OCC to mitigate crypto risks.
Federal Trade Commission and Attorney General will investigate the influence of digital assets on market competition. Furthermore, the director and chair of the first two agencies, respectively, will look into the space’s privacy problems.
According to sources, they are developing a comprehensive regulatory framework for digital assets. President Biden has signed 81 executive orders since taking office in January 2021.
The previous administration issued 220 executive orders in four years, whereas President Barack Obama issued 276 in two.
Throughout the history of the United States, executive directives have rarely mentioned cryptocurrency. Only the last three administrations have had access to the technology.
Moreover, Trump banned Americans from using “any digital money, digital coin, or digital token” developed by Venezuela in March 2018. An executive order issued in July 2018 to combat market integrity and consumer fraud included “digital currency fraud.”
In 2015, President Obama indicated that police could take digital assets linked to “serious detrimental cyber-enabled conduct.”
Until April 2022, the National Emergencies Act allows officials to seize “funds or other assets” without warning. To track and seize digital assets linked to unlawful transactions, the Justice Department organized a task force.