Cryptocurrency is a huge market in the United States of America and the government established there has been trying to study the importance and aspects of cryptocurrency in the best way. Well, according to India Today crypto news, the President of the United States of America, Joe Biden is supposedly going to provide some executive orders for the regulation and study of CBDCs and crypto.
This is not something that has happened out of the blue since the previous administrations before Biden, including President Barack Obama, had issued certain executive orders that were in relation to the different digital assets.
According to sources, the White House will be issuing the executive order next week that will direct different government agencies in the country to make sure that all the aspects related to digital assets are studied in the best way. The main goal here is to create a proper and comprehensive framework of regulations for digital assets.
The Yahoo! Finance report provided on Thursday by Jennifer Schonberger has details about the matter as well. This particular directive provided by the President of the USA will order the entire office of the Attorney General, the Treasury Department as well as the State Department to make reports on the rollout related to CBDCs.
In addition, the Director of the Office of Science and Technology Policy — the newly appointed Alondra Nelson — would provide an evaluation of the infrastructure needed for the U.S. to support a digital dollar. The agency will reportedly plan to issue a report to the U.S. President on distributed ledger technology within 180 days, with an update expected on its environmental impact in 545 days.
Under the executive order, the Financial Stability Oversight Council would study financial stability issues resulting from the introduction of cryptocurrencies.
The Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency will consider measures to protect the markets and report to the president on methods to mitigate risks with respect to crypto.
The Consumer Financial Protection Bureau, Federal Trade Commission, and Office of the Attorney General will study the impact of digital assets on market competition. The director and chair of the first two aforementioned agencies, respectively, will review privacy concerns for the space.
Altogether, the executive order — the 81st President Biden has signed since taking office in January 2021 — would reportedly be used to develop a comprehensive regulatory framework for digital assets in the United States. The previous administration issued 220 executive orders over four years, while President Barack Obama released 276 orders during his two terms.
Cryptocurrencies have infrequently been mentioned in executive orders during the history of the United States. The technology has only existed through the last three administrations.
In March 2018, Donald Trump also issued a particular order that banned U.S. residents from taking part in different transactions of “any digital currency, digital coin, or digital token” that was released by the government of Venezuela. This was in reference to the Petro token by the country. Donald Trump also stated “digital currency fraud” in a July 2018 order creating a task force tackling marketplace honesty and consumer fraud.
There was another executive order issued by Former President Barack Obama in the year 2015 which made a hint that different authorities would be properly able to remove digital assets that have connections to “significant malicious cyber-enabled activities.”
This particular executive action effectively allowed different officials to grab “funds or other assets” without “prior notice of a listing or determination” under the National Emergencies Act. In March 2021, President Biden has made an extension to this particular the order through April 2022.
After that, a task force has been formed by the government agencies including the Justice Department for tracking and seizing certain digital assets that have connections to transactions that are illegal.