Biden’s executive order to regulate digital currencies will be released this week; What to expect?

Following the publication of the Federal Reserve’s findings on national digital currencies, many organizations are awaiting an executive order from the president to begin research and eventually pass legislation. The executive order, which should outline US policy on digital currencies, should be published in a few days.

According to the crypto briefing, the executive order of then US President Joe Biden is expected to be issued in the next few days. The executive order persuades US government agencies to investigate and report on digital currency regulations.

The Biden government is ready to continue its investigation into digital currency regulations.

President Joe Biden will reportedly instruct government agencies next week to investigate decentralized and national digital currencies as a national security issue. The Biden government’s goal seems to be to combine the reports of a large number of government agencies so that it can ultimately formulate more comprehensive and integrated digital asset policies. Following Biden’s executive order, the organizations are expected to report their findings to the White House within 90 to 180 days.

As part of the executive order, the White House wants the Ministry of Finance, the State Department, the Ministry of Justice and the Ministry of Homeland Security to report on future payment systems and forms of money. In addition, the Financial Stability Board will be tasked with assessing the potential impact of digital assets on the issue of US financial stability. Late last year, the president’s working group instructed the council to inspect the stables.

The study of the effects of digital currencies on market competition will also be the responsibility of the Attorney General, the Federal Trade Commission and the Financial Markets Court. The latter two institutions are also expected to study the potential impact of digital assets on people’s privacy status.

The US Treasury Department will be responsible for determining how to protect consumers and investors in digital currencies, along with the Securities and Exchange Commission, various banking organizations, the Futures and Commodities Trading Commission.

In addition, the Monetary Control Service (OCC) and the Federal Deposit Insurance Corporation (FDIC) will report to the president on potential problems with consumer protection with digital assets.

The enforcement order is also expected to oblige various organizations to harmonize digital asset standards internationally. In addition, several government agencies are likely to need to review the technical requirements for the digital dollar.

Earlier this month, the Boston Federal Reserve, in conjunction with MIT, published the results of the first phase of a technical evaluation of the digital dollar, entitled Project Hamilton. Two weeks ago, the Federal Reserve published its report on national digital currencies.

However, some of these agencies have not waited for an enforcement order to begin their investigation. Yesterday, the Ministry of Justice announced the launch of the unit for the exploitation of virtual assets, which will serve the Federal Bureau of Investigation.

Biden’s executive order on digital currency legislation will be published this week; What to expect? appeared first for currency.

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