The wait could be over soon for White House action on a comprehensive cryptocurrency strategy, Bloomberg reported.
The President Joe Biden administration is preparing an executive order that is expected to detail an extensive government strategy on cryptocurrencies, according to the report, which cited unnamed sources. The order, which could be issued as early as February, will direct federal agencies to determine the risks and opportunities of digital assets.
Under the plan, the White House would play a key role in overseeing policies to regulate crypto assets, the report stated.
Last week, former U.S. Department of Justice Assistant Attorney General Makan Delrahim said regulation of cryptocurrency is a good idea.
Read more: Former Top DOJ Official Says Regulation Would Be Good for Crypto
In an opinion piece in The Wall Street Journal (WSJ) Thursday (Jan. 20), he said blockchain applications could transform the economy if they are handled correctly.
Delrahim joins the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), which have called for increased federal guidance of stablecoins.
Under Biden’s plan, the OCC, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), an independent agency of the U.S. government, must coordinate their individual efforts at regulation into a single document or by just one agency, CoinDesk reported.
Senior White House staff have been meeting regularly on the crypto plan. Biden will be presented with the document in the coming weeks, according to the Bloomberg report.
The news comes as bitcoin hit its lowest dollar value since last August as it fell below $37,000 Friday (Jan. 21). The selloff continued to below $35,000 Saturday.
See more: Bitcoin Drops Below $35,000
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