After years of false starts, patchwork regulation and congressional inaction, the federal government is finally developing a comprehensive strategy for overseeing cryptocurrency markets.
President Joe Biden on Wednesday will direct federal agencies to produce a series of reports over the coming months that will lay out the future of U.S. policy toward digital assets — including the possible launch of a federally issued digital dollar that would have been unthinkable just a few years ago.around how Biden planned to coordinate the federal government’s oversight of crypto marketplaces that whipsawed between $1 trillion and $3 trillion in size during the first 14 months of his term.
The order's timing coincides with growing concern among lawmakers that Russians might use digital assets to evade sanctions imposed since the invasion of Ukraine. Federal regulators say that’s unlikely to happen on any meaningful scale, and senior administration officials dismissed the notion that the order was linked to the conflict.
While Biden's executive order encourages the Fed to continue its research — and to explore products that would ease transfers across borders — a second senior administration official said that laying out a coordinated path across other federal agencies “is really the game-changer here.”
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