White House ‘prepares government strategy on US cryptocurrency policy’ – The National

White House ‘prepares government strategy on US cryptocurrency policy’ – The National

The administration of US President Joe Biden is preparing to release an initial government-wide strategy for digital assets as soon as next month and task federal agencies with assessing the risks and opportunities that they pose, according to people familiar with the matter.

Senior administration officials have held multiple meetings on the plan, which is being drafted as an executive order, said the people. The directive, which would be presented to Mr Biden in the coming weeks, puts the White House at the centre of Washington’s efforts to deal with cryptocurrencies.

Federal agencies have taken a scattershot approach to digital assets over the past several years and Biden’s team is facing pressure to lead on the issue. Industry executives often bemoan what they say is a lack of clarity on US rules and others worry that an embrace by China and other nations of government-backed coins could threaten the dollar’s dominance.