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Biden Administration to activate cryptocurrency strategy in February, Bloomberg reveals

The administration of US President Joe Biden is preparing to release an initial US government-wide strategy on digital assets in February and task federal agencies to assess the risks and opportunities they pose, people familiar with the matter told Bloomberg.

Biden Administration to activate cryptocurrency strategy in February, Bloomberg reveals

Biden Administration to activate cryptocurrency strategy in February, Bloomberg reveals

According to information from the news agency, senior administration officials have held multiple meetings on the plan, which is being drafted as an executive order. The directive, which would be presented to President Joe Biden in the coming weeks, places the White House at the center of Washington’s efforts to deal with cryptocurrencies.

Bloomberg highlights that federal agencies have taken a scattershot approach to digital assets in recent years. For this reason, the Biden team faces pressure to lead the issue.

On the other hand, many industry executives have said that more clarity is needed in the US rules. On the other hand, others fear that China and other nations will adopt central bank digital currencies (CBDCs), which could threaten the dollar dominance.

The Bloomberg report only has voices off the record, without names. Authorized White House spokesmen declined to comment to the outlet.

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Just as Bloomberg released this report (on Friday) there has been a bigger drop for cryptocurrencies. It should also be noted that a report on Thursday, January 20, from another great power, Russia, also alarmed investors: the central bank of that huge nation asks to ban cryptocurrencies. .

However, it is worth noting that this is not the path proposed by the United States, which has always talked about regulations, not prohibitions.

According to the Bloomberg report, based on people who asked not to be named but who have participated in the discussions, the late-stage draft of the executive order details the economic, regulatory, and national security challenges posed by cryptocurrencies. Various agencies will intervene with reports.

The administration’s plan, including the directives in the order, could be further modified before it is finalized, the people warned.

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