The order will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets, said the people, who asked not to be named discussing the deliberations. The
The White House declined to comment.
The Biden administration is under pressure to play more of a coordinating role in Washington’s approach to the asset class, as industry executives bemoan what they say is a lack of clarity on rules. The executive order, which has been in the works since last year, will require federal agencies across the government to report later this year what they’re doing regarding digital tokens, Bloomberg News has reported. The plan is expected to begin carving out roles for agencies across the government, from the State Department to the Commerce Department.
The White House’s directive is also expected to address the possibility of a U.S.-issued central bank digital currency, or CBDC, though it’ll likely hold off on taking a firm position because the
Meanwhile, the crypto industry is facing intense scrutiny from lawmakers, including Senator
Him Das, acting director of Treasury’s Financial Crimes Enforcement Network, addressed the issue on Monday. “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people,” he said in a news release.
(Adds more background on executive order starting in fourth paragraph.)
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