President Biden Plans to Issue Executive Order on Cryptocurrencies

The Biden administration is reportedly preparing to release an executive order on cryptocurrencies as soon as next month. Such an order would likely have significant implications for how cryptos are offered and traded, used for purchasing goods and services, and stored.

Amid the rise in the popularization of the cryptocurrency industry, the US presidential administration intends to issue a strategic executive order to regulate digital assets in February.

According to Bloomberg, citing sources familiar with the matter, the administration of US President Joe Biden is preparing to publish a state strategy for regulating cryptocurrencies as early as next month.

The sources clarified that the government will instruct federal agencies to assess the risks and opportunities that digital assets represent. Senior officials have already held several meetings on the directive, which will be presented to the US president in the coming weeks.

Federal agencies have taken a piecemeal approach to regulating cryptocurrencies for several years. Many industry participants expressed dissatisfaction with the lack of clarity in the regulation of the industry, others feared that the adoption of a state digital currency by China and other countries could threaten the dominance of the dollar.

Sources told Bloomberg that the draft document details the economic, regulatory, and national security issues surrounding cryptocurrencies. Forming the strategy will require reports from various agencies, which should be submitted in the second half of 2022. The administration of the President of the United States did not comment on this information.

Last year, Sheila Warren, deputy head of the World Economic Forum (WEF), an international organization committed to improving the state of the world, said that the US authorities are now devoting a lot of time to developing legislation to regulate cryptocurrencies. Therefore, in 2022, the United States will become a key regulator in the market.

At the same time, there is no need to wait for positive decisions from the US authorities for the cryptocurrency market. As AtoZ Markets reported last November, Biden signed an infrastructure bill establishing reporting requirements for brokers and tightening rules for crypto companies.

Read more: Biden Freezes FinCEN's Proposed Cryptocurrency Regulations

It is worth noting that one of the top technology advisers to the President of the United States and antitrust expert Tim Wu (Tim Wu) owns BTC worth up to $5 million, although he previously called bitcoin a “bubble”.

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