Reports over the weekend suggest that US President Biden is going to introduce an Executive Order for cryptocurrencies at the beginning of February.
The order is expected to span across government and plans to weigh-up the benefits and disadvantages of digital assets, alongside implementing a reporting system for government on cryptocurrencies.
Officials are yet to confirm the rumour.
What has been confirmed is that there have been several top-level meetings with senior figures at the White House relating to the subject, and it is speculated further details are expected to be outlined by Biden next week.
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White House pundits have suggested there may be an additional focus on central bank digital currencies (CBDCs) as a component of the directive, which would seek to clarify the American government’s position following the quick rise of the Chinese digital Yuan.
The tumultuous passage of a tack-on crypto tax to the infrastructure deal last Summer has left a bad taste in the industry’s mouth, and created a sentiment that Democrat policymaking under Biden views crypto as a ‘cash cow’.
Needless to say, many will be looking at the tone of any strategic plan put forward by Biden carefully.
But things are different down on K Street this year, with the crypto lobby now awake and active – emboldened by a growing awareness and advocacy for cryptocurrencies among the public and legislators.
The Hill also now has an increasingly prominent Blockchain Caucus – one that has already put forward 35 crypto-related bills this congress.
Congressman Tom Emmer, explained the ongoing work of the Congressional body in a recent interview.
“In wake of the Infrastructure bill fiasco and misguided crypto tax amendment, key members on these committees spoke out and supported legislative fixes,” explained the congressman.
“There are several bipartisan, industry supported proposals on the table… but, we have yet to see anything pass out of Congress and get signed into law.
“We will very likely see this change after the midterms, so it’s more important than ever to start preparing our agenda for the next term.”
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.