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Biden Planning to Sign Executive Order on Crypto This Week: Reports
The White House has been working on coordinating the efforts of different federal agencies since last year.
President Joe Biden is set to sign an executive order this week summarizing the U.S. government’s strategy for dealing with cryptocurrencies, according to reports from Bloomberg and Reuters, citing people familiar with Biden’s plans.
- The order would direct federal agencies to consider potential regulatory changes, in addition to the national security and economic implications of cryptocurrencies, according to Bloomberg.
- The White House has been under pressure to play a more central role in setting policies for and regulating digital assets. That pressure has only increased with the sanctions imposed against Russia for its invasion of Ukraine, and concerns that companies and individuals could use cryptocurrencies to circumvent them.
- The White House has been working on the order since last year, and in January reports surfaced that the order was coming soon.
- The order will require federal agencies to report later this year on their progress with respect to dealing with digital tokens, according to Bloomberg.
- CoinDesk has reached out to the White House to confirm the report but had not received an answer by press time.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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