Most cryptocurrency-related responses to US President Joe Biden’s Executive Order come just after Labor Day. Expected responses from the US Treasury and Justice Departments will be particularly decisive on the future of crypto policy in the US. Most of the corporate responses to US President Biden’s executive order will come soon. Here are the details…
What does Biden’s executive order mean for cryptocurrencies?
Under the March 9 order, seven reports from agencies will be sent to the White House 120 days after the order is issued. He set deadlines as the day after Labor Day. So, September 5th will be the last day. Labor Day is a US federal holiday. The executive order emphasizes the need for inter-agency cooperation, but the orders and their lead agencies are divided as follows:
- US Treasury: A central bank with a special interest in collaboration with the Fed submits a report on a digital currency or CBDC. CBDCs have become a surprisingly controversial topic in Washington since the issuance of the Executive Order.
- Science and Technology Office: It provides a technical analysis of the difficulty and probability of implementing a CBDC.
- Ministry of Justice: It makes a legal assessment of whether Congress should pass a new law to issue a CBDC. It is worth noting that this is an issue that Republicans insist on.
- Treasury and major markets and consumer protection regulators: A report on the risks and returns of digital assets in markets and payments.
- Office of Science and Technology Policy: It provides a report on the role of crypto in energy transitions over time periods. The topic is controversial, with crypto critics often citing PoW mining as an unforgivable waste of electricity. Crypto stakeholders say that PoW can monetize the development of renewable energy sources.
- Ministry of Justice, Ministry of Treasury and Homeland Security: It will report on the role of law enforcement in “detecting, investigating and prosecuting criminal activity related to digital assets”.
- Justice Department’s FBI, Treasury’s IRS-Criminal Investigations, Department of Homeland Security: Federally leads major cryptocurrency investigations.
- Commerce Department: A framework for enhancing and leveraging United States economic competitiveness in digital asset technologies.
Some responses to the Executive Order have already been sent. Two people from the Ministry of Justice and especially the Treasury focused on the international perspective.
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