REGULATION

Since last year, rumors have been circulating about Bloomberg repeatedly reporting that the White House will sign an executive order on cryptocurrencies, including regulatory authority division and the issuance of a central bank digital currency (CBDC).

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Since last year, rumors have been circulating about Bloomberg repeatedly reporting that the White House will sign an executive order on cryptocurrencies, including regulatory authority division and the issuance of a central bank digital currency (CBDC).

Since last October, Bloomberg has repeatedly cited informed sources, stating that the White House will sign an executive order related to cryptocurrency. The latest report indicates that the White House will sign the order this week, which includes a new regulatory framework for cryptocurrencies and the delineation of roles for regulatory agencies.

Adapting to Regulatory Changes

Recently, due to the war in Ukraine, countries such as the United States have imposed economic sanctions on Russia. This has sparked discussions on whether cryptocurrencies are being used by Russia to evade sanctions, with the White House's stance on cryptocurrencies also drawing attention.

Bloomberg, citing anonymous sources, reported that the executive order will focus on the following:

  • Guiding federal regulatory agencies in response to regulatory changes
  • Regulating the impact of digital assets on national security and the economy
  • Assigning roles to various government departments based on regulatory frameworks
  • The possibility of issuing a Central Bank Digital Currency (CBDC)

Multiple Reports by Bloomberg

As early as October last year, Bloomberg had mentioned that the executive order would coordinate the regulatory scope of various government agencies in the cryptocurrency field and even appoint a "cryptocurrency czar" to play a key role in the plan.

In February this year, Yahoo Finance also indicated that the executive order would be signed in February, including a research commission for CBDC, but apparently this executive order has never materialized.

Especially when Federal Reserve Chairman Powell testified before Congress, he emphasized the need for the Fed to thoroughly understand all technical and policy issues related to CBDC, indicating that CBDC is currently not a top priority for the authorities and will take time. The White House has also declined to comment on this matter.