US government expected to release executive order on crypto by February

What 

Senior officials in the Biden administration are currently drafting the government’s cryptocurrency strategy to be presented to the President in the coming weeks  

Why 

The paper will reportedly outline the various challenges and opportunities posed by cryptocurrencies, including a possible government stance on central bank digital currencies (CBDCs)

What next 

The Biden administration has called for input from numerous federal agencies to detail the impact of cryptocurrencies on each jurisdiction 

The story 

Following a fairly lacklustre CBDC report by the Federal Reserve, the Biden Administration has seemingly ramped up efforts to present a formal plan by the US for cryptocurrencies and CBDCs. 

Federal agencies from the State Department to the Department of Commerce are expected to give their input. 

The Federal Reserve said in its report last week that it won’t move forward with an official stance on CBDCs without the backing and direction of the Executive. Jerome Powell, Chair of the Federal Reserve, seems to have been granted his wish. The report is expected to be released as soon as February.