January 25, 2022
The White House is preparing an executive order for cryptocurrencies that are expected to release as early as Friday, according to reports from Bloomberg.
Here’s what we know so far:
- The news about the executive order came into public a day after the FBI (Federal Bureau of Investigation) released a discussion paper that explores the pros and cons of creating a CBDC (Central Bank Digital Currency) for the US. It is clear that the White House wants to seize the initiative and take a central role in setting a policy on cryptocurrencies.
- According to other reports, the executive order is under development and will address the economic, regulatory, and federal agencies to submit reports in the second half of 2022.
- A key report is expected from the FSOC (Financial Stability Overnight Council) which serves to monitor risks to the US financial system. Another report is expected to examine the risks posed by the cryptocurrencies that would facilitate illegal activities.
- The executive order would assign specific roles to a wide vertical of federal departments and agencies to develop a comprehensive strategy. A key aspect of this strategy will be to ensure that the US remains competitive amid the exploding growth of digital assets worldwide.
- The FBI’s discussion paper mentioned before was released in January 2022 and invites the public to submit comments through May 2022. Further processing and follow-up on these comments are expected to take several additional months, to say the least.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.