Last Week to Respond to US President Joe Biden’s Cryptocurrency Order: Here are the Expected Reports!

US President Biden cryptocurrencies Most of the institutions’ responses to the presidential decree on the right will be ready soon.

Under the March 9 order, seven reports from agencies must be sent to the White House 120 days after the order is issued, which means the deadline is September 5, the day after Labor Day in the United States. Labor Day is a federal holiday in the United States.

Responses to US President Joe Biden’s Cryptocurrency Order Must Be Given Before Sept. 5

While the executive order emphasizes the need for inter-agency cooperation, the orders and their leading institutions are listed as follows:

Department of the Treasury: A report with special interest in cooperation with the Fed on central bank digital currency i.e. CBDCs. CBDCs have become a surprisingly controversial topic in Washington since the issuance of the Executive Order.

Science and Technology Office: A technical analysis of the difficulty and possibility of implementing CBDCs.

Ministry of Justice: A legal assessment of whether Congress should pass a new law to pass a CBDC, which Republicans insist on.

Treasury and major market and consumer protection agencies: A report on the risks and benefits of digital assets in the market and payments.

Office of Science and Technology Policy: A report on the role of crypto in energy transformations over different time periods. This issue is controversial, and crypto critics often describe Proof of Work mining as an irreparable waste of electricity. Crypto industry representatives, on the other hand, say that PoW can monetize the development of renewable energy sources.

With the contribution of the Ministry of Justice, the Ministry of Treasury and Homeland Security: The role of law enforcement in “detecting, investigating and prosecuting criminal activity related to digital assets”.

Ministry of Commerce: A guide to increasing the economic competitiveness of the United States in digital asset technologies and leveraging these technologies.

Some responses to Biden’s Executive Order have already been offered. Two responses from the Ministry of Justice and the Treasury focused specifically on the international perspective.

*Not investment advice.