Most cryptocurrency-related responses to US President Joe Biden’s Executive Order come just after Labor Day. Expected responses from the US Treasury and Justice Departments will be particularly decisive on the future of crypto policy in the US. Most of the corporate responses to US President Biden’s executive order will come soon. Here are the details…
What does Biden’s executive order mean for cryptocurrencies?
Under the March 9 order, seven reports from agencies will be sent to the White House 120 days after the order is issued. He set deadlines as the day after Labor Day. So, September 5th will be the last day. Labor Day is a US federal holiday. The executive order emphasizes the need for inter-agency cooperation, but the orders and their lead agencies are divided as follows:
- U.S. Treasury: Submits a report on a central bank digital currency, or CBDC, that has a special interest in collaboration with the Fed. CBDCs have become a surprisingly controversial topic in Washington since the issuance of the Executive Order.
- Office of Science and Technology: Provides a technical analysis of the difficulty and probability of implementing a CBDC.
- Department of Justice: Makes a legal assessment of whether Congress should pass a new law to issue a CBDC. It is worth noting that this is an issue that Republicans insist on.
- Treasury and major markets and consumer protection regulators: A report on the risks and returns of digital assets in markets and payments.
- Office of Science and Technology Policy: Presents a report on the role of crypto in energy transitions over time periods. The topic is controversial, with crypto critics often citing PoW mining as an unforgivable waste of electricity. Crypto stakeholders say that PoW can monetize the development of renewable energy sources.
- Department of Justice, Department of Treasury and Homeland Security: to report on the role of law enforcement in “detecting, investigating and prosecuting criminal activity related to digital assets.”
- Department of Justice’s FBI, Treasury’s IRS-Criminal Investigations, Department of Homeland Security: Leads major cryptocurrency investigations federally.
- Department of Commerce: A framework for enhancing and leveraging United States economic competitiveness in digital asset technologies.
Some responses to the Executive Order have already been sent. Two people from the Ministry of Justice and especially the Treasury focused on the international perspective.
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