US Crypto Policy Delayed Due to Disagreement Between Biden and Yellen

Mandatory Credit: Photo by Riccardo Antimiani/EPA-EFE/Shutterstock (12579904x)US President Joe Biden (R) with US Secretary of the Treasury Janet Yellen (L) during the plenary session at the G20 Summit in Rome, Italy, 30 October 2021, to discuss climate change, Covid-19 and the post-pandemic global recovery.
Riccardo Antimiani/EPA-EFE/Shutterstock / Riccardo Antimiani/EPA-EFE/Shutterstock

An executive order by President Joe Biden to give the federal government a bigger hand in cryptocurrency policy was delayed following a disagreement between the White House and Treasury Secretary Janet Yellen over how big a role the government should play.

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Find: Bitcoin and Crypto Taxes in 2022: What You Need To Know

The Biden administration had hoped to sign the order at the beginning of the year, Bloomberg reported. But disputes between Yellen’s staff and officials on the National Economic Council have slowed its progress, according to anonymous officials who spoke with Bloomberg. Senior administration officials have finished a draft version for Biden, but for now, much of his focus is on tensions between Russian and Ukraine.

The executive order is designed to provide a comprehensive government strategy on cryptocurrency. It would give the White House a central role overseeing policies and regulation regarding digital assets, according to a CoinDesk report last month citing an unnamed Bloomberg source.

The order would also seek input from different federal agencies — including the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the Commodity Futures Trading Commission — over how the crypto industry should comply with federal law.

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In addition, the order might lead to the establishment of a digital dollar issued by the Federal Reserve, Bloomberg noted. That’s a particular point of contention between the White House and Yellen’s staff, who aren’t convinced an executive order is necessary.

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Find: Coinbase Crashes After ‘Crypto Bowl’ Ad, Stock Dips Then Rebounds

Meanwhile, federal regulation of digital assets remains murky, which is one reason the White House has felt pressure to come up with a comprehensive cryptocurrency policy. Leaders in the crypto industry have been particularly concerned about a lack of clarity when it comes to federal rules governing digital assets.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
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