The administration of U.S. President Joe Biden is weighing the possibility of issuing an order to federal agencies that would oblige them to study the crypto industry and present corresponding oversight recommendations, Bloomberg reports, citing sources familiar with the matter.
The order would apply to the Treasury, the Department of Commerce, the National Science Foundation, and entities tied to national security.
The initiative would aim to coordinate the various agencies — the Biden administration seeks to develop a unified approach to digital assets. In addition, the document would clarify the agencies’ duties with regard to overseeing the cryptocurrency industry.
Sources noted that officials are also considering appointing a single point of contact to act as coordinator on the matter.
According to Bloomberg’s sources, a decision to publish the order has not yet been made. A White House spokesperson said that even if Biden abandons the idea, the White House will still publish a broad strategy on cryptocurrencies.
The proposed initiative is another sign that U.S. authorities have no intention of following China’s example and banning cryptocurrencies — instead, they have chosen to regulate.
In late September, the ФРС Jerome Powell said that the agency does not plan to ban digital assets, but believes it is necessary to bring some within the legal framework.
In October, with a similar statement, Gary Gensler, head of the SEC, said that most cryptocurrencies meet the status of investment contracts, and stablecoins pose a threat to financial stability.
In the same month, Biden said the United States would host a meeting with representatives from 30 countries dedicated to joint efforts against cybercrime and illegal use of cryptocurrencies.
Earlier, amid several cyberattacks on major American companies, the administration named tracking cryptocurrency transactions as one of the possible tools to fight ransomware.
According to the WSJ, the U.S. government is considering bringing stablecoin issuers under the regulatory framework.
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