The White House will be the center for cryptocurrency transactions

Time:2022-01-22 00:00 Source:Internet Copy share

The Biden administration is preparing to release a whole-of-government digital asset strategy as early as next month and ask federal agencies to assess the risks and opportunities it presents, according to people familiar with the matter. Senior administration officials have held multiple meetings on the plan and are currently drafting it into an executive order that will be presented to Biden in the coming weeks, the sources said, with the White House becoming the center for cryptocurrency matters. Over the past few years, federal agencies have taken a “spot-on approach” to digital assets, and the White House has been pressured to take a leadership role on the issue. Industry executives often complain that U.S. rules are not clear enough, while others worry that other countries’ official digital currency plans could threaten the dollar’s dominance. The near-final draft executive order details the economic, regulatory and national security challenges posed by cryptocurrencies, and the U.S. government is also expected to consider the possibility of a U.S. government-backed digital token, the people said. A firm stance may not be taken for the time being.

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