The President of the United States (US), Joe Biden will issue an executive order to government agencies to conduct a study related to the central bank’s crypto and digital currencies (CBDC), along with a comprehensive plan to oversee digital assets.
Several parties will also be involved in the implementation of this order. Among them:
The Department of the Treasury, the State Department, the Department of Justice, and the Department of Internal Justice: provide reports on the future of the financial and payment systems.
Director of the Office of Science and Technology Policy: makes the technical assessments necessary to support the CBDC system.
Financial Stability Oversight Council (FSOC): monitors system risk and studies digital financial stability issues arising from cryptocurrencies.
President’s Working Group on Financial Markets: reviewing the systematic risks of stablecoins.
Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (OCC): draft market protection plans against cryptocurrency risk
Consumer Financial Protection Bureau, Federal Trade Commission, and Office of the Attorney General: examining the impact of digital assets on market competition.
In fact, this executive order has been signed by Biden since taking the position of US president in January 2021.
Previously, under Donald Trump, a total of 220 executive orders were issued and Barrack Obama issued 276 orders.
When examining the similarities of the rule, the two previous US presidents clearly disliked cryptocurrencies.
For example Trump once blocked the US population from transacting currency, coins, and digital tokens.
While Obama once signaled that authorities are allowed to seize digital assets related to cybercrime activities.
Until Biden replaces Trump, the execution of the seizure order of funds and other assets without prior notice is extended from March 2021 to Aprill 2022.
Even so, what about this latest executive order? Is it a good sign or vice versa?
