Biden to issue executive order on crypto this week

What

US President Joe Biden is expected to issue an executive order on cryptocurrency this week

Why

Crypto adoption in the US has soared in the last two years, which has led to the need to new and expanded regulation

What next

The executive order will direct government agencies to create strategies that will help regulate crypto assets

The story

US President Joe Biden is expected to issue an executive order this week that will direct government agencies to create a comprehensive government-wide strategy to regulate crypto assets.

According to those familiar with the matter, the executive order will call upon a broad spectrum of government agencies to study cryptocurrency and central bank digital currency (CBDC).

More specifically…

• The Attorney General, the Federal Trade Commission (FTC), and Consumer Financial Protection Bureau will study how growth in the crypto sector could impact market competition
• The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) will look into market protection measures specifically within their realms
• The Treasury Department will create a report on how government agencies can mitigate risks involved with cryptocurrencies

The US also has an interest in liaising with other countries to create a standardised set of crypto rules. Robert Ophèle, a member of the Financial Stability Board (FSB), recently said global regulators are “going full steam” on crypto regulation.

“The current structure is no longer fit for the purpose with the development of cross-border digital market activities,” said Ophèle.

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