The United States authorities will be releasing an executive order concerning cryptocurrencies that will tackle some major angles such as a government-wide strategy, digital currencies opportunities, and crypto risks. The US Biden administration will be heading this endeavor, as reported by Bloomberg.
At the moment there is no official information on the order, although reports say that certain senior officials are attending meetings intended for a discourse around the plan. President Joe Biden is expected to present a draft of the directive in the coming weeks.
Meanwhile, federal agencies have been thinking and drafting several regulations around cryptocurrencies for the last couple of years. However, the Biden directive will act as a binding agent to these and will be placed at the center of all crypto legislation.
Furthermore, the report has been saying that the administration will also tackle directives concerning a central bank digital currency (CBDC). The Federal Reserve has already been active in this discussion, yet the institution has clarified that it will not proceed with anything CBDC-related unless it gets full consent from the White House.
To call regulations around crypto assets in the US complicated is understating the issue. Bitcoin and Ethereum are the only digital coins seen as commodities by the authorities, both of them being strictly regulated by the CFTC. The predicament with other cryptocurrencies is quite different.