Biden Administration to Release Executive Order on Crypto as Early as February: Report

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.

Read more: Is Biden Prepping an Executive Order on Crypto?