It is reported that Biden may issue executive orders related to cryptocurrency next week.

The news indicates that President Biden of the United States is expected to issue an executive order next week, directing government agencies to research cryptocurrencies and central bank digital currencies (CBDC) and propose regulatory strategies for cryptocurrency assets.

According to a report by Yahoo Finance, a government official familiar with the matter stated that the upcoming directive will propose a study on Central Bank Digital Currencies (CBDC) and will request a report on future payment systems and currencies from a range of agencies including the Treasury Department, states, the Department of Justice, and the Department of Homeland Security. Additionally, the Office of Science and Technology Policy director will conduct a technical assessment of the potential needs for constructing a CBDC system. The Financial Stability Oversight Council (FSOC), established after the 2008 financial crisis to monitor systemic risks, will be tasked with researching the systemic risks of stablecoins caused by crypto assets. The Attorney General, as well as the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), will be asked to consider the impact of the growth of crypto assets on market competition, and various government agencies will evaluate market protection measures within their jurisdictions and study how to protect consumers, investors, and businesses. The FTC chair and CFPB director will also be required to study the privacy concerns that crypto assets may bring. The Office of Science and Technology Policy will submit a report on distributed ledger technology to the President within 180 days and update and assess its impact on the overall environment within 545 days. This week, Nellie Liang, Deputy Secretary for Domestic Finance at the Treasury Department, informed the Senate that discussions on the risks posed by stablecoins have been held, and the existing regulatory measures of regulatory agencies have been reviewed, but due to limited authority, further action by Congress is hoped for. The executive order provides the White House, the Treasury Department, and other government agencies with an opportunity to evaluate the digital dollar, while the Federal Reserve also proposed a framework in January. The U.S. government is also considering collaborating with other countries to establish standardized regulations for cryptocurrencies. The State Department, Treasury Department, Commerce Department, and the U.S. Agency for International Development will work to establish an international framework for institutional participation in international forums to strengthen the adoption and regulation of digital assets.