US Crypto Policy Delayed Due to Disagreement Between Biden and Yellen
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.
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.
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.
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.
More From GOBankingRates