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Biden seen issuing crypto oversight exec order next week
Yahoo Finance
Biden seen issuing crypto oversight exec order next week
Jennifer Schonberger · Senior Reporter
Thu, February 17, 2022, 1:14 PM
President Biden is expected to issue an executive order next week directing agencies across the government to study cryptocurrencies and a central bank digital currency (CBDC), and come up with a government-wide strategy to regulate digital assets.
According to an administration official familiar with the matter, the forthcoming directive will commission a study of a CBDC and ask a range of agencies – including the Departments of Treasury, State, Justice and Homeland Security – to develop a report on the future of money and payment systems. Meanwhile, the Director of the Office of Science and Tech policy will do a technical evaluation of what might be needed to support a CBDC system.
The move comes as Bloomberg News reported on Wednesday that a rift has developed between the White House and Treasury over crypto regulation, but a Treasury official disputed the account as “inaccurate.” The administration is engaged in a wide-ranging effort to regulate the sector, with the FBI forming a new crypto unit led by a seasoned computer crimes prosecutor.
The Financial Stability Oversight Council (FSOC), created after the 2008 financial crisis to monitor risks to the system, will be asked to study financial stability issues that arise from digital assets. The President’s Working Group on Financial Markets has already tasked the FSOC with looking into systemic risks of stablecoins.
{snip}
Biden seen issuing crypto oversight exec order next week
Jennifer Schonberger · Senior Reporter
Thu, February 17, 2022, 1:14 PM
President Biden is expected to issue an executive order next week directing agencies across the government to study cryptocurrencies and a central bank digital currency (CBDC), and come up with a government-wide strategy to regulate digital assets.
According to an administration official familiar with the matter, the forthcoming directive will commission a study of a CBDC and ask a range of agencies – including the Departments of Treasury, State, Justice and Homeland Security – to develop a report on the future of money and payment systems. Meanwhile, the Director of the Office of Science and Tech policy will do a technical evaluation of what might be needed to support a CBDC system.
The move comes as Bloomberg News reported on Wednesday that a rift has developed between the White House and Treasury over crypto regulation, but a Treasury official disputed the account as “inaccurate.” The administration is engaged in a wide-ranging effort to regulate the sector, with the FBI forming a new crypto unit led by a seasoned computer crimes prosecutor.
The Financial Stability Oversight Council (FSOC), created after the 2008 financial crisis to monitor risks to the system, will be asked to study financial stability issues that arise from digital assets. The President’s Working Group on Financial Markets has already tasked the FSOC with looking into systemic risks of stablecoins.
{snip}