The White House is also working to unify its decentralized cryptocurrency policy into a unified approach with the Treasury Department, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Internal Revenue Service.
To that end, President Biden is also considering appointing a head of cryptocurrency policy in the White House.
Bloomberg reported this, citing an anonymous source.
# Review of Executive Order
The executive order proposes that federal agencies conduct research related to cryptocurrencies and create a system.
This includes financial regulation, economic innovation and national security, Bloomberg reported.
The plans, as reported by the source, include coordination of work between ministries and agencies on cryptocurrencies.
In addition, ministries that did not pay attention to cryptocurrencies are forced to focus on policy development.
# Consider appointing a cryptocurrency general manager
“The White House is also considering appointing a chief cryptocurrency officer,” the source said.
“These initiatives, including executive orders, are part of the White House’s cryptocurrency policy and are aimed at responding to concerns over oversight of cryptocurrencies that are gaining popularity among Americans,” Bloomberg reported.
“It has not yet been decided whether the executive order will take effect,” Bloomberg said, citing two other officials.
However, another official said, “Even if the president doesn’t issue an executive order, federal agencies will reveal their overall strategy for cryptocurrencies.”
# Cryptocurrency strategy, taking a unified approach rather than improvisation
Bloomberg added that the draft cryptocurrency strategy is being circulated to the Ministry of Finance, the Department of Financial Supervision, the Department of Commerce, the National Science Foundation, and departments related to national security.
“Whether by executive order or otherwise, the White House wants to take a unified approach to cryptocurrencies rather than ad hoc,” the source said. will be,” he said.
In the United States, different approaches to cryptocurrency policy have been used by different ministries. In the case of the Treasury, the focus was on the perspective of banking supervision.
The SEC focused on investment products like securities, while the CFTC focused on cryptocurrency derivatives.
The National Tax Service and the Foreign Assets Supervision Agency under the Ministry of Finance have focused on the possibility of criminal exploitation.
Bloomberg News analyzed that the White House is working to unify Jung-gu Heating’s cryptocurrency policy and regulatory authority into one.
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