The US government is expected to issue an executive directive to government agencies to assess the various aspects of virtual currencies and the relevant regulations.
The directive would reportedly order the Office of the Attorney General, the State Department, and the Treasury Department to research the possible implementation of a Central Bank Digital Currency.
The Director of the Office of Science and Tech Policy would be ordered to study the needed infrastructure for a CBDC rollout. The department is expected to report on digital distributed ledger technology in 180 days and the environmental impact in 545 days.
The Financial Stability Oversight Council has been tasked to research the financial stability concerns in cryptocurrencies. FSOC is currently assessing systemic risks in stablecoins.
The Attorney General, FTC, and the Financial Protection Bureau would study digital assets’ impact on market competition. Other regulators, including the SEC and Federal Reserve, would assess market protection controls within their scope.
Biden’s administration is also seeking to work with other countries globally to moderate crypto laws with the help of the Treasury, The State Department, and USAID.
Source: Yahoo! Finance