President Biden Looking To Sign Executive Orders On CryptoCurrency

January 24, 2022 3:21 pm Comments

Over the weekend, reports surfaced claiming that United States Vice President Joe Biden will introduce an Executive Order on cryptocurrencies at the beginning of February.

The directive is intended to be implemented across the government and will consider the merits and downsides of digital assets, as well as the implementation of a reporting system for the government on cryptocurrencies, among other things.

Officials have not yet confirmed or denied the rumor.

What has been verified is that there have been multiple high-level discussions with senior people at the White House in relation to the subject, and it is believed that Biden will provide additional details on the matter next week.

A component of the order, according to White House pundits, may include an added focus on central bank digital currencies (CBDCs), which would seek to clarify the American government’s position in the wake of the rapid ascent of the Chinese digital Yuan.

It is widely believed that the stormy ratification of the tack-on crypto tax to the infrastructure deal this Summer left a foul taste in crypto’s mouth and that Democratic policymaking under Biden views crypto as a “cash cow.”

Needless to say, many people will be paying close attention to the tone of any strategic plan that Biden may put up.

According to Yahoo Finance:

The Biden administration is readying an executive order for release as early as next month that will outline a comprehensive government strategy on cryptocurrencies and ask federal agencies to determine their risks and opportunities, Bloomberg reported on Friday, citing unnamed sources.

  • The directive would place the White House in a central role overseeing efforts to set policies and regulate digital assets, Bloomberg reported.
  • Federal agencies have already been studying or providing regulatory guidance around the digital asset sector for years.
  • The Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission and Commodity Futures Trading Commission have issued guidance letters, informal statements and public rule-making efforts to direct how different aspects of the crypto industry should comply with federal law. But these efforts have not been coordinated in a single document or by one agency.
  • Biden Administration senior officials have met multiple times to discuss the directive, which will be presented to the president in the next few weeks, according to Bloomberg.

The crypto lobby, however, is now awake and active on K Street this year, encouraged by a growing public awareness of and support for cryptocurrencies, as well as increased legislative support for them.

On Capitol Hill, there is also a growing presence of the Blockchain Caucus, which has already introduced 35 cryptocurrency-related bills this session of Congress.

In a recent interview, Congressman Tom Emmer provided an overview of the ongoing activities of the Congressional delegation.

“In wake of the Infrastructure bill fiasco and misguided crypto tax amendment, key members on these committees spoke out and supported legislative fixes,” the congressman explained.

A number of nonpartisan and industry-supported measures are currently on the table… However, we have yet to see any legislation pass through Congress and be signed into law by the President.

“There are several bipartisan, industry-supported proposals on the table… but, we have yet to see anything pass out of Congress and get signed into law.

“We will very likely see this change after the midterms, so it’s more important than ever to start preparing our agenda for the next term.”

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