The majority of responses to the Biden Executive Ordon on cryptocurrency will be due shortly after Labor Day. Particular influence will be held by the Treasury and Justice Departments’ responses to the Biden Executive Order on cryptocurrency. Soon, the bulk of agency responses are due to President Biden’s executive order.
The March 9 order requires seven agency reports to be submitted to the White House within 120 days of publication. This puts their deadline on September 5, the day following Labor Day. Labor Day is a federal holiday in the United States.
Although the executive order stresses the importance of interagency cooperation and the spearheading agencies are required to implement them, the following is what happens:
The Treasury: This report is about a central bank’s digital currency or CBDC. It focuses on cooperation with the Federal Reserve. Since the Executive Order’s release, CBDCs have been a contentious topic.
The Office of Science and Technology: Technical analysis of the difficulty and likely implementation of a CBDC.
The Justice Department: An assessment of whether Congress should pass new legislation to issue a CBDC. Republicans insist that this is the case .
The Treasury and major markets and regulators of consumer protections: A report on the rewards and risks of digital assets in markets or payments.
Office of Science and Technology Policy: A report on crypto’s role during energy transitions over timespans. This issue is controversial. Crypto critics often point to proof-of work mining as an unacceptable waste of electricity. According to crypto stakeholders, PoW can be used to monetize the production of renewable energy sources.
With the support of the Treasury, the Justice Department and the Department of Homeland Security, the Justice Department: “Detecting, investigating, prosecuting criminal activity related digital assets” is the role of law enforcement agencies. The FBI of the Department of Justice, the Treasury’s IRS Criminal Investigations and the Department of Homeland Security led the majority of federal cryptocurrency investigations.
Commerce Department: A framework to increase the US’s economic competitiveness in digital asset technology leveraging and leveraging.
A few responses have been submitted to the Executive Order. Two responses from the Department of Justice, and one from the Treasury were specifically focused on the international angle.