President Joe Biden plans to issue an executive order next week in which he will address on how agencies across the government should regulate cryptocurrencies, Yahoo Finance has learned, citing an administration official familiar with the matter.
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According to the report, the directive will call for a study of a CBDC and ask a set of government agencies, including the Departments of Treasury, to develop a report on the future of money and payment systems. The order will reportedly also cover measures aimed at protecting investors. However, no details were given on that.
The FTC Chairman and Director of the CFPB will reportedly be asked to look at privacy issues for cryptocurrencies. The executive order will also offer creating a framework for international engagement with foreign counterparts to enhance the regulation standards of cryptocurrencies.
Last December, the Biden administration revealed a new enforcement team as part of the new strategy on countering corruption. The news task force called the National Cryptocurrency Enforcement Team focuses on “complex investigations and prosecutions of criminal misuses” of cryptocurrencies and crimes committed by cryptocurrency exchanges, mixing and tumbling services.
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