Executive Order on Crypto to be Issued this Week by US President Biden

“According to a report, the US President Joe Biden is expected to issue an executive order on crypto this week. The executive order will direct various government agencies to create a government-side strategy to regulate the crypto industry.”

The US President Joe Biden is reported to issue an executive order on crypto this week. The executive order will direct various US Government agencies to prepare a report on the government-side strategy to regulate the crypto industry and to ensure that the global financial stability is not compromised due to the mass adoption of the crypto assets and to create a global standard rules for the crypto regulation working along with other countries in the world.

The various Government agencies that will be ordered for the report include the Departments of the Treasury, State, Justice, and Homeland Security. The FSOC (Financial Stability Oversight Council) will be ordered to examine the financial stability issues arising from the adoption of cryptocurrencies and assets; on the other hand, FTC (The Federal Trade Commission) would study the impact of the growth of the crypto sector on market competition. The market protection measures will be studied in their respective jurisdiction by the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), The Securities and Exchange Commission (SEC), Federal Reserve, and the Commodity Futures Trading Commission (CFTC).

The Treasury Department will have the responsibility of compiling all the reports from various stated agencies and to report the government side strategies to the President. The US Government has decided to take a coordinated approach involving other countries to regulate the cryptocurrency industry as it must be regulated at the global level for effective regulation and due to the lack of such global infrastructure to regulate them.