- The Infrastructure Bill was passed into law last November.
- The White House intends to seize control of U.S. government policy on crypto.
As early as February 2022, the Biden administration will issue an executive order on cryptocurrency. According to several government agencies, there have been several discussions among top administration officials to discuss the implications of digital currencies.
News of the executive order came a day after the Federal Reserve Board (FRB) issued a discussion paper on the advantages and drawbacks of developing a U.S. central bank digital currency (CBDC). The White House intends to seize control of U.S. government policy on cryptocurrencies.
Long-term Policy Goals
Federal authorities have studied digital currencies and potential legislative and regulatory responses for years, but not in a coordinated and comprehensive manner. Participants in the rapidly expanding cryptocurrency sector have become impatient with the United States’ disjointed approach and the resulting lack of clarity regarding the country’s long-term policy goals.
Concerns have been expressed about how choices by large countries like China and Japan to issue CBDCs may undermine the worldwide supremacy of the U.S. currency.
Members of Congress are also working to smooth out any kinks in previously enacted legislation. Members from both parties in the House of Representatives have requested Biden’s nominated for Treasury Secretary, Janet Yellen, to explain provisions of the Infrastructure Bill that deal with digital assets. Despite some opposition, the Infrastructure Bill was passed into law last November even though it includes miners, software developers, transaction validators, and node operators in its definition of a “broker.”
