US President Joe Biden will sign an executive order on cryptocurrencies and CBDCs next week

The White House is expected to issue an executive order early next week directing government agencies to investigate various aspects of the digital assets space with the goal of creating a comprehensive regulatory framework.

US President Joe Biden

In one report from Yahoo! Finance Yesterday (February 17), an official familiar with the Biden administration said the executive order could go into effect as early as next week. President Biden is expected to direct the Attorney General’s Office, State Department and Treasury Department to explore the possibility of launching a U.S. Central Bank digital currency (CBDC).

In addition, Office of Science and Technology Director Alondra Nelson will provide an assessment of the infrastructure the United States will need to support a digital dollar. The agency reportedly plans to submit a report on distributed ledger technology to President Biden within 180 days, along with an expected update on the environmental impact in 545 days.

According to the executive order, the Financial Stability Oversight Council will investigate financial stability issues caused by the emergence of cryptocurrencies.

The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Reserve (Fed), the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (OCC) will review measures to protect the market and report to the President on methods to mitigate the risks associated with cryptocurrencies.

The Consumer Financial Protection Bureau, the Federal Trade Commission and the Attorney General’s Office will examine the impact of digital assets on market competition. The directors and presidents of these two agencies will take into account the privacy concerns in this area.

Overall, the executive order — the 81st order signed by Biden since taking office in January 2021 — will serve to develop a comprehensive regulatory framework for digital assets in the United States. The previous administration issued 220 executive orders in four years, while President Barack Obama issued 276 executive orders during his two terms in office.

Cryptocurrencies are rarely mentioned in executive orders in the history of the United States. This technology has only existed through the last three presidents.

In March 2018, Donald Trump was proclaim prohibits the United States from engaging in transactions involving “any digital currency, digital coin, or digital token” issued by the Venezuelan government, referring to the Venezuelan Petro token. He also mentioned “cryptocurrency fraud” in the July 2018 executive order that established a task force to tackle market integrity and consumer fraud.

Another 2015 executive order from President Obama indicated that agencies could seize digital assets involved in “serious malicious activity in cyberspace.” The executive action essentially allows officers to seize “funds or other property” without “prior notice of listing or determination” under the National Emergencies Act.

In March 2021, President Biden extended the order through April 2022. Since then, the Justice Department and other government agencies have established a task force to track and seize digital assets related to illegal transactions.

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