The US government could expand its efforts to research and regulate the digital asset sector by about $ 2 trillion.
According to Bloomberg, citing unnamed sources, the Biden administration is considering an executive order for federal agencies that would require them to study the crypto industry and provide guidance on their oversight.
According to the report, the order will include the Treasury Department, Commerce Department, National Science Foundation and National Security Agencies. In addition to asking agencies to study various aspects of the industry, the order would “clarify the responsibilities” of various agencies in relation to cryptocurrency and blockchain.
Requests for comment sent to the White House, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) were not immediately returned. The Finance Ministry declined to comment.
Federal agencies have been researching or providing regulatory guidance for the digital asset sector for years. The Office of the Comptroller of the Currency (OCC), the SEC, and the CFTC have issued guidance letters, unofficial statements and public rule-making efforts to indicate how various aspects of the crypto industry must comply with federal law.
The OCC, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve – three federal banking regulators – formed a “sprint team” to coordinate their work with crypto earlier this year.
According to Bloomberg, these efforts will be coordinated by one of the provisions of the decree.
In recent months, the Biden administration has stepped up the work of the US government on cryptocurrency. In September, the Treasury Department’s Office of Foreign Assets Control authorized a cryptocurrency exchange primarily in response to a series of ransomware attacks.
The President’s Financial Markets Working Group also intends to consider a report recommending that Congress pass legislation creating a special charter for stablecoin issuers treating these entities like banks.
The Federal Reserve, the central bank of the United States, is also going to release reports on stablecoins – digital asset tokens whose value is tied to another asset, such as the US dollar, and central bank digital currencies (CBDCs).
#White #House #Considers #Crypto #Oversight #Order #AcryptoInvest