From The Verge: President Biden is poised to issue a new comprehensive strategy for the federal government’s treatment of cryptocurrency, the White House announced on Wednesday. The White House described the pending executive order as “the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
“The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier,” the White House said in a release describing the order, “but also has substantial implications for consumer protection, financial stability, national security, and climate risk.”
Among other measures, the order will direct the Commerce Department to develop a comprehensive framework “to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies,” per the release. The order also encourages the Federal Reserve’s ongoing research into a US-backed cryptocurrency, sometimes called a “digital dollar.”
News of the order was first reported by Bloomberg earlier this week.
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