Biden’s Cryptocurrency Executive Order
- 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.