Joe Biden, United States president, will be issuing an order on cryptocurrency during this week, as reported by an administration official. This news regarding executive order issuance was initially reported in January.
This order will be directing a vast range of selected government agencies to examine central bank digital currency (CBDC) and cryptocurrency and concoct a governmental strategy for crypto-asset regulation.
Multiple government agencies will be appealed to furnish a report regarding the payment system and furniture of money. This will include, JusticeTreasury, State, and the Homeland Security. The Financial Stability Oversight Council (FSOC) will be examining the issues related to stemming financial stability from digital assets.
The IMF (International Monetary Fund) says that soon crypto could cause a huge risk to the countries’ financial stability. The Consumer Financial Protection Bureau, the FTC, The Attorney General will be studying how the crypto growth could affect market competition. Recently, the FTC issued a few warnings regarding crypto investments schemes.
The Federal Reserve, the CFTC, the SEC, OCC office, and the Federal Deposit Insurance Corporation will analyze the preventive measures within their jurisdictions.
The SEC will work with the CFTC on how to regulate the crypto market, said SEC Chairman Gary Gensler last week. The in charge of putting all of the reports together for the president will be the Treasury Department. These reports will be on preventing risk against the cryptocurrencies after discussing with the federal banking agencies, CFTC and SEC. If you have been waiting to put money into crypto it would better to wait for the order if you are a US citizen.
