US White House plans to issue an executive order on cryptocurrencies

It will represent an initial government strategy assessing the risks and opportunities of digital assets

24.01.2022 - 12:10

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1 min

What’s new? Joe Biden’s administration is preparing to issue an executive order on cryptocurrencies in February. . While there is no official confirmation of the forthcoming executive order yet, the administration’s representatives are taking part in meetings to discuss this plan. This is reported by Bloomberg.

Information on the Bloomberg website

What is the situation with cryptocurrency in the USA? The cryptocurrency regulation in the country is still in a grey area. Bitcoin and Ethereum are considered commodities and are overseen by the Commodity Futures Trading Commission. The US Securities and Exchange Commission has cracked down on several assets, citing that they are unregistered securities. One such case is the ongoing lawsuit against the blockchain company Ripple, which allegedly raised $1,2 billion by selling unregistered tokens.

What are the prospects? Bloomberg’s report indicates that the government may issue a directive on the issuance of a central bank digital currency. However, given that the prospects of the digital dollar are being discussed by the Federal Reserve System (Fed), any firm position of the White House on this issue is unlikely. The Fed has previously clarified that it does not intend to embark on discussions on the prospects of CBDC without the agreement of the White House and Congress.

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