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Biden Administration Preparing To Release Government-Wide Strategy for Dealing With Digital Assets: Report

The Biden administration is reportedly expected to take sweeping action on the digital asset space in the weeks ahead.

According to a new Bloomberg report, a number of unnamed insiders reveal that senior administration officials plan to unveil an executive order that will provide details on the regulatory, economic and national security risks posed by digital assets.

The executive order will also task various government agencies to submit reports in the latter half of the year.

The Financial Stability Oversight Council is one group expected to offer insights in the coming months, with the possibility of the State Department and the Commerce Department being consulted as well.

The White House is also likely to discuss the possibility of supporting a central bank digital currency (CBDC), which would be a digital asset backed by the US government.

Just last week, the Federal Reserve released a long-anticipated report on the feasibility of issuing a CBDC in the United States.

The Fed report says,

“A CBDC could potentially serve as a new foundation for the payment system and a bridge between different payment services, both legacy and new.

It could also maintain the centrality of safe and trusted central bank money in a rapidly digitizing economy.”

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