White House Wants Crypto Flexibility Next Month With Executive Order

On Friday, Bloomberg reported that members of the Biden White House are carrying out a sweeping executive order related to cryptocurrency that has roles and responsibilities for a large segment of the executive branch of government.

So far, Congress, the Treasury Department, the Federal Reserve, the Securities and Exchange Commission, as well as the President’s Working Group have all been mixed up in their approach to policy — or lack of — related to cryptocurrencies.

It is reported that the presidential executive order will require virtually all federal agencies to assess the challenges, opportunities, and threats that crypto-assets present. It is also expected that the agencies will have to present an outline or framework report in the second half of this year, on how they can most effectively address the crypto-induced dynamics in the sectors. supervisory areas and their respective responsibilities.

The article went on to say that top officials in Biden’s inner circle held several meetings about the intent and focus of the executive order during its drafting and development. It’s a safe bet that the political motive of this exercise is to position President Biden as an assertive leader that gets the job done. That’s even though progress has stalled on virtually all of his major initiatives, including: climate change, job creation, curbing inflation, health reform, childcare , the Big Better Rebuilding Act and handling of COVID-19.

But he has to do something because Congress is unlikely to pass crypto legislation in this session as Democrats need to maintain majority in the House and Senate. To do that, they need to secure big legislative wins that will help them win the midterm elections this November. Although 86% of Americans of voting age Having heard of cryptocurrencies, only 16% of adults have actually bought or traded any digital currency – cryptocurrencies are not favorable enough to attract voters to the polls.

But that doesn’t seem to stop the White House from creating some sort of policy victory that it could present as a success. The article states that the most recent draft of the executive directive deals with many areas such as the impact of cryptocurrencies on national security and the economy, and may need to create a single regulatory framework. best for digital assets. We’ll have to see if this is just a political misrepresentation that requires agencies to do more research on the subject or an executive order that actually takes some action.

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