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Biden’s Cryptocurrency Executive Order

It’s important to know what’s in the cryptocurrency Executive Order, but it’s equally important to know what’s NOT in it.  
“It’s important to first understand what Biden’s EO doesn’t say. The White House order does not provide clear direction on what specific regulations the administration aims to adopt. Instead, it is more of an aspirational first step aimed at lighting a fire under the agencies to let them know the time is coming for them to do something.”  The EO does not regulate crypto; it creates a process for policy development that will lead to regulation. It also does not address directly the tug of war between the SEC and the CFTC over their jurisdiction over crypto.  Agencies will produce reports on the below subjects, among others, within 90 days to a year. Crypto regulation is coming soon to a theater near you, but not today.
  • The Federal Reserve is tasked to continue with “urgency” on research and development of a central bank digital currency (CBDC)
  • The Commerce Department will work across the government to ensure that emerging policies protect U.S. leadership in the crypto field
  • The Treasury Department will report on the “future of money and payment systems,” with the goal of promoting wider access to the financial system
  • The Justice Department will examine the role of law enforcement agencies in detecting, investigating, and prosecuting crypto-related crime
  • The Federal Stability Oversight Council (FSOC) will report on the potential systemic risks pose by digital assets

Two congressional committees will have hearings this week: Senate Banking on the role of digital assets win illicit finance  on March 17 and House Financial Services on the future of money and assessing the benefits and risks of a US central bank digital currency on March 29.

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