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Biden to order crypto oversight: report

President Biden’s executive order directing agencies to devise a comprehensive strategy to regulate cryptocurrencies and other digital assets and examine a digital dollar may be issued next week, according to Yahoo! Finance.

Fast facts
  • The order, expected weeks ago, was delayed by a disagreement between the White House and the Treasury over its scope, Bloomberg reported Wednesday.
  • The media outlet also quoted a Treasury spokesperson denying there is a dispute.
  • Treasury Secretary Janet Yellen supposedly does not think an executive order is necessary as various agencies are already engaged in the topics.
  • The Federal Reserve has recently released a discussion paper and technical report on a potential digital dollar and the Securities and Exchange Commission is actively involved in cases to establish more clarity for regulating cryptocurrency.
  • The Department of Justice on Thursday tapped Eun Young Choi, a seasoned federal prosecutor, to be the first director of its National Cryptocurrency Enforcement Team and announced the creation of a Virtual Asset Exploitation Unit at the Federal Bureau of Investigation, staffed with cryptocurrency experts, to work with the NCET.
  • Biden’s order, however, will direct agencies to coordinate across the federal government and also with international agencies to study and devise policy on a variety of crypto and blockchain products and issues, including the financial stability of private digital assets such as stablecoins, consumer protection and the digital dollar.