NEW: An executive order issued by Biden today will move the government one step closer to a policy framework that would legitimize — and regulate — crypto's use in the U.S.
President Biden will issue wide-ranging executive order today tasking multiple government agencies with developing policy recommendations on digital assets and cryptocurrencies.The order is an acknowledgement that crypto is here to stay, and moves the government one step closer to a policy framework that would legitimize — and regulate — its use in the U.S.
The Treasury Department is tasked with issuing recommendations to address consumer and investor protections. The Financial Stability Oversight Council is expected to identify economy-wide, systemic financial risks posed by crypto and offer up recommendations to address regulatory gaps. Finally, the order encourages the Federal Reserve to research the possible development of a U.S. central bank digital currency.Each of the agencies has its own timeframe for when it's expected to present policy recommendations — some are 60 to 90 days, while others are as long as 180 days.
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