An executive order for cryptocurrencies was previously expected in late February, but was delayed. The Biden administration reportedly plans to sign and issue an executive order on cryptocurrencies by mid-week. The executive order will send instructions to government agencies that will report in three to six months. Previously this order was expected to be signed around February 18, but was delayed. According to Bloomberg, US President Joe Biden is set to sign an executive order on his crypto strategy this week. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Biden will sign an executive order for cryptocurrencies this week!
President Joe Biden will sign the long-awaited executive order this week that will set the tone for holistic cryptocurrency regulation in the United States, according to sources familiar with the matter. The order will instruct federal government agencies to investigate cryptocurrency-related issues and create a holistic framework for a regulatory approach. These topics include possible regulatory changes, security impact, and economic impacts that could result from cryptocurrency adoption. The report will also require these institutions to report their cryptocurrency-related activities to the federal government.
Bloomberg notes that the U.S. government is under “pressure to play more of a coordinating role” as members of the cryptocurrency industry complain about a lack of regulatory clarity. Several companies, including Coinbase and FTX, have made proposals for regulatory reform. Bloomberg got its information from internal sources; The White House has not made any official statement on the matter.
The order was first discussed in October 2021
Jennifer Epstein, a co-author of the Bloomberg report, stated on Twitter that the executive order was delayed once. The order was first discussed in October 2021. It was then expected to air in late February, but was delayed due to a disagreement between Biden and Treasury Secretary Janet Yellen. Yellen argued that the executive order was unnecessary given that government agencies were already working on regulatory efforts.
Despite these delays, Epstein believes the report will indeed be published very soon. “There has been a lot of change in crypto EO, but this week’s timetable is real,” she said. CNBC’s Kayla Tausche also confirmed the news, stating that the Biden administration will issue the order by mid-week. She also said the order will “coordinate policy making for cryptoassets” between agencies that will report in three to six months.
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