The Biden administration might unveil an executive order on cryptocurrencies shortly

The Biden administration is reportedly working on an executive order emphasizing potential economic, regulatory, and national security challenges that cryptocurrencies might pose in the future.

Per the Bloomberg report, the White House is formulating an executive order and has asked multiple federal agencies to evaluate critical risk factors and opportunities associated with regulating cryptocurrencies.

The report further stated that senior administration officials have already held multiple meetings to discuss the executive order, and the order is now being prepared to be presented to Joe Biden in the coming few weeks. The directive which will be presented to Joe Biden will position the White House in the center, overseeing policy and regulatory efforts concerning cryptocurrency.

The executive order will also take note of all critical economic, regulatory and national security challenges that a cryptocurrency may pose, according to the report.

Additionally, the directive in making will also invite suggestions from other agencies to assist in carving out roles for everyone from the state department to the commerce department. Special emphasis will be laid to ensure that the US remains competitive and robust as the world adopts new digital assets, the report added.

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