The United States is one of the most forthcoming countries when it comes to crypto regulation. It has seen various decisions and discussions revolving around this technology and is preparing for optimal incorporation. So much so that it is expected that US President, Joe Biden will issue an executive order on crypto this week.
In an interaction between an administration official and Yahoo Finance, the administration offer to talk about this order. In fact, this executive order will direct a wide range of government agencies to study crypto and CBDCs. Besides this, it’ll also provide a government-wide strategy to regulate crypto assets.
Moving on, various government agencies will have to produce a report on the future of money and payment systems. This will include departments of the Treasury, State, Justice, and Homeland Security.
Overall, the Financial Stability Oversight Council (FSOC) will examine financial stability issues arising from digital assets. This is pretty important considering that the International Monetary Fund (IMF) thinks crypto could pose risks to countries’ financial stability.
Firstly, The Attorney General, the Federal Trade Commission (FTC), and Consumer Financial Protection Bureau will study the implications of the growth of crypto sector.
Secondly, Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Reserve, and the Office of Comptroller of the Currency will consider market protection measures.
Finally, the Treasury Department will compile a report to the president on protection against risks from crypto. Moreover, the executive order will examine consumer, business, and investor protection measures. Also, it’ll address stablecoins, privacy, and distributed ledger technology(DLT).