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US May Promulgate Executive Order on Crypto Oversight

The Executive Order would charge federal agencies to study and offer recommendations on relevant areas of crypto.

President Joe Biden led US Government is aiming to research about and regulate the $2 trillion digital asset market, as per a Bloomberg report from Friday.

It is considering an Executive Order that would require federal agencies to study the crypto industry and provide recommendations on their oversight. Officials are also contemplating appointing a single person head of the whole exercise who would be acting as a point person.

Decision on the Executive Order

No decision has been made on whether to release the Executive Order, two of the people in the know told Bloomberg.

Even if President Biden doesn’t move forward with it, the administration will announce its overall strategy for cryptocurrencies to the public, an administration official said.

Departments and Their Responsibilities

The order would direct various bureaucratic institutions from the Treasury Department, Commerce Department, and National Science Foundation to national security agencies to study the numerous facets of the digital assets industry.

White House will choose to adopt a unified approach to crypto, rather than an ad hoc approach to financial stability, national security and illicit finance issues, an official revealed.

The administration wants the federal agencies to examine crypto in other policy areas too, including consumer protection, competition policy, research and innovation, the official said.

The draft order also clarifies the jurisdiction of each department, which is a matter of confusion due to the versatile nature of crypto.

The Biden administration is ramping up its efforts to develop a crypto strategy. Recent events suggest that it might not ban crypto. Federal Reserve said that it does not intend to do so. Recently, stablecoins have also come under increasing focus for their regulation.

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