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White House Wants to Flex on Crypto Next Month with Executive Order -Breaking

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White House Will Flex On Crypto Next Month With Executive Order

Bloomberg reported Friday that Biden White House officials are working on an executive order regarding cryptocurrency that includes roles and responsibilities to a substantial portion of the executive branches of government.

Thus far, Congress, the Treasury Department, the Federal Reserve, the Securities and Exchange Commision, as well as the Presidential Working Group have all been haphazard in their policy approach – or lack thereof – regarding cryptocurrencies.

It’s reported that the president’s executive order will require virtually all federal agencies to assess the challenges, opportunities, and threats that the crypto asset class presents. It’s also expected that the agencies will have to present an outline or framework report in the second half of this year, as to how they can most effectively address those dynamics posed by crypto within their respective areas of oversight and responsibility.

The article goes on to state that top officials within Biden’s inner circle have held several meetings regarding the intent and focus of the executive order during its drafting and development. It’s a safe bet to assume that the political motivation of this exercise is to position President Biden as a decisive leader who gets things done. That’s despite the stalled progress on virtually all his major initiatives including: climate change, jobs creation, curbing inflation, healthcare reform, child care, the massive Build Back Better Act, and getting a handle on COVID-19.

He must act, as Congress will not be able to pass cryptocurrency legislation in this session. This is because Democrats have to maintain razor thin majorities in both the House of Representatives (and the Senate). For them to do this, they must win big legislative wins. Even though 86% of voter-aged Americans have heard of cryptocurrencies, only 16% of adults have actually bought or traded any type of digital money – crypto is not enough of a priority to compel voters to the voting booths.

But that doesn’t seem to be deterring the White House from manufacturing some kind of policy win that it can showcase as a success. The news article states that the most recent draft of the executive directive touches on a variety of areas such as crypto’s impact on national security, the economy, and possible need to create a unique regulatory framework for digital assets. We’ll have to see if this is just political navel gazing that demands the agencies to study the topic further or an executive edict that actually takes some kind of action.

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