US President Joe Biden is expected to issue an order directing him to develop a government-wide strategy to regulate digital assets.
According to an official, a CBDC study will be conducted with the upcoming directive. Additionally, the Director of Policy for the Office of Science and Technology will conduct a technical assessment of what may be required to support a CBDC system.
Financial Stability Oversight Council (FSOC), which was established to monitor risks to the system after the 2008 crisis, will be asked to examine financial stability issues arising from digital assets. The agency has previously been sent to investigate the risks of stablecoins.
However, the Attorney General will be asked to consider what effects the growth in digital assets might have on market competition with the FTC and the Consumer Financial Protection Bureau. The SEC, CFTC, and the Federal Reserve, FDIC, and OCC are expected to consider market protection measures within their jurisdictions.
Biden’s order will also consider measures to protect consumers, investors and businesses.
FTC Chairman and CFPB Director will also be asked to review privacy issues for digital assets.
The Office of Science and Technology will present a report to the president on distributed ledger technology within 180 days and its environmental impact within 545 days.
The government will also consider coordination with other countries to standardize crypto rules.
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