Biden to order studies on regulating, issuing cryptocurrency -source

Also: Bitcoin up 8% as Biden announces executive order on cryptocurrencies (CNBC)

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Source: Reuters

March 8, 2022
1:36 PM EST
Last Updated 8 hours ago

Biden to order studies on regulating, issuing cryptocurrency -source

By Andrea Shalal

WASHINGTON, March 7 (Reuters) - U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency, a source familiar with the matter said on Monday.

The White House last year said it was considering a wide-ranging oversight of the cryptocurrency market - including an executive order - to deal with growing threat of ransomware and other cyber crime.

Biden's order sets an 180-day deadline for a series of reports on "the future of money" and the role that cryptocurrencies will play in the evolving landscape.

"We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency," the source said, citing significant momentum behind such a move within the Biden administration.

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Read more: https://www.reuters.com/business/finance/biden-sign-executive-order-cryptocurrencies-this-week-source-2022-03-07/

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Source: CNBC

Bitcoin up 8% as Biden announces executive order on cryptocurrencies

PUBLISHED WED, MAR 9 2022 3:08 AM EST UPDATED 50 MIN AGO
Arjun Kharpal
@ARJUNKHARPAL

Bitcoin and other cryptocurrencies were higher on Wednesday after President Joe Biden announced his highly-anticipated executive order on digital assets that appeared to take a supportive stance toward the industry.

Bitcoin was trading at $42,118.73, around 8% higher as of 6:30 a.m. ET, according to data from CoinDesk. Other cryptocurrencies including ether were also sharply higher.

But the initial spike in prices came ahead of the executive order announcement. The rally began just after 6 p.m. ET Tuesday after the Treasury published details and a statement online in response to the upcoming executive order from the U.S. president on cryptocurrencies. The statement from Treasury Secretary Janet Yellen was unpublished shortly after. Yellen’s statement was then published again on Wednesday.

Biden’s executive order attempts to address lack of a framework for the development of cryptocurrencies in the U.S., which critics say could leave the country’s industry behind the rest of the world.

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Read more: https://www.cnbc.com/2022/03/09/bitcoin-btc-jumps-after-treasury-statement-on-crypto-executive-order.html