Biden set to issue executive order focussed on crypto and the future of payment systems.
Early reports indicate Biden will issue an order aimed at directing state agencies to formulate a government-wide strategy to regulate crypto assets. Additionally he may order state and other agencies to examine financial stability issues that may arise from digital assets.
Joe Biden, along with government leaders from around the world continue to grapple with the impact and future of cryptocurrencies. Undoubtedly governments will continue to seek new ways to effectively monitor and regulate crypto markets.
The latest reports in the US seem to indicate further investigation is needed and warrented to study CBDC’s or central bank digital currencies. While this work may reveal new ways for government to get involved, some critics suggest this will defeat the purpose of decentralization on the blockchain.
It has also been reported that the forthcoming order by President Biden will also examine how to protect consumers, investors and bsuinesses. In addition the order will ask agencies to work with foreign counterparts to seek methods to standardize how digital assets will be regulated in international commerce and trade.
Many agencies may be asked to participate in these actions.
Biden will task multiple agencies with these investigations. The US departments of Treasury, State, Justice, along with Homeland Security, will focus on CBDCs and developing the report on the future of money and payment systems.
The Director of the Office of Science and Tech policy will look at technical issues and other aspects of the technology. Other agencies will look at the various aspects of decentralized finance which will impact their areas of responsibility.
