According to the administration official aware of the issue, the US administration is about to issue an executive order on crypto this week. On February 18, Yahoo Finance reported that the executive order will direct a wide range of government agencies to study CBDC and crypto and come up with a government-wide strategy to regulate crypto assets.
Apart from this, the executive order will analyze business, consumer, and investor protection measures. It will also address the concerns associated with stablecoins, distributed ledger technology (DLT), and privacy.
The following government agencies will be approached to accomplish these responsibilities in this regard:
Government bodies include Departments of the Treasury, Justice, State, and Homeland Security. Other government bodies will also be directed to come up with a report on the future of money and payment systems. The Financial Stability Oversight Council (FSOC) will take care of the financial stability issues about digital assets.
The Attorney General, Consumer Financial Protection Bureau, and the Federal Trade Commission (FTC) will monitor the relationship between the growth of the crypto sector and its impact on market competition. The government will also try to coordinate with other nations to standardize cryptocurrency rules. The Treasury Department will be responsible for compiling a report on ways to protect against risks from cryptos after consultation with the CFTC, SEC, and federal banking agencies.