The hot new currency exchage system will come under increased Federal scrutiny in the future ….
To decide if the Federal Government should begin offering cryto dollar’s…..
President Joe Biden will sign an executive order as soon as midweek to marshal resources across the government to develop a sweeping plan to oversee cryptocurrencies, including whether the U.S. should issue a fully virtual version of the dollar, according to two people familiar with the document.
The long-awaited order will call on federal agencies to complete a series of studies over the next nine months. Biden will direct federal agencies to collaborate on analyzing the merits of a so-called central bank digital currency, which would be issued by the Federal Reserve. The potential arrival of a digital dollar would have significant consequences for global payment systems, domestic commerce and the banking industry.
The U.S. has trailed some foreign governments in creating a regulatory framework for digital asset markets that have swelled to more than $1.7 trillion after lightning-fast growth in recent years. While Biden’s order will stop short of directing policy, it’s an important step toward providing clarity for an industry that has already disrupted traditional banking and payment systems. Still, it may face resistance from many in the industry, who argue that the whole point of cryptocurrency is to avoid government control….
The central bank digital currency study mandated by the order will include input from the Treasury Department, Justice Department, Commerce Department, Department of Homeland Security, Office of Management and Budget and the Office of the Director of National Intelligence.
The Attorney General’s office is also being tasked with studying if new legislation is required for a digital dollar, and the Office of Science and Technology Policy will investigate technical requirements….