President Joe Biden and his administration are preparing to release the government’s strategy for digital assets by February. The executive order being drafted by senior administration officials will be presented to Biden in the coming weeks, according to a Bloomberg report.
The draft details economic, regulatory, and national security challenges posed by cryptocurrencies. It will outline the federal agencies involved in assessing the risks and opportunities that digital assets pose.
Everyone from the State Department to the Commerce Department would reportedly be required to provide input on the initiative.
According to the report, the Biden administration is also expected to weigh in on the possibility of the U.S. issuing a government-backed coin, known as a central bank digital currency or CBDC.
On Thursday, the Fed released a preliminary paper on a digitized currency and opened a public comment period through May 20.
The White House has declined to comment.
The overall crypto market is deep in the red and Bitcoin (CRYPTO: BTC) dropped to $35,156.22 on Sunday afternoon, down from an all-time high of $68,789.63 on Nov. 10, 2021.
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