The Biden Administration Is Preparing To Release A Comprehensive Government-Wide Crypto Strategy.

The Biden administration is writing an executive order outlining a government-wide cryptocurrency policy. President Joe Biden is anticipated to get the instruction in the coming weeks. The strategy could be made public as early as next month.

The Biden administration is ready to issue an initial government-wide policy on digital assets, including cryptocurrency. Bloomberg reported Friday that the policy is being crafted as an executive order, citing people familiar with the topic who said that senior administration officials had attended many discussions on the idea.

The finished executive order is likely to be on President Joe Biden’s desk in the coming weeks, according to the journal, which also stated that the plan might be disclosed as soon as next month.

The order will go into depth on the economic, regulatory, and national security risks presented by cryptocurrencies. It would direct multiple federal departments to weigh in on the risks and opportunities associated with cryptocurrency. In the second part of the year, they will be requested to give reports on their results.

The Financial Stability Oversight Council, for example, will assess the potential systemic effect of digital assets. Another report will look on the illegal usage of cryptocurrency.

The Biden administration is also anticipated to comment on the possibility of the Fed launching a digital currency (CBDC). The Federal Reserve released a long-awaited report on CBDC on Thursday and opened a public comment period until May 20.

Some have expressed worry that the United States is lagging behind other countries, notably China, in developing a central bank digital currency. However, Federal Reserve Chairman Jerome Powell has stated that the United States is not lagging behind and that the United States’ place as the world’s reserve currency is not in jeopardy.

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