The US President has signed a government executive order that outlines the policy and key goals of the American leadership regarding the crypto market for the near future.
The decree on the crypto market regulation in the US, announced earlier, was signed by President Joe Biden. The text was published on the White House website. Instead of the expected specifics, government agencies are instructed to further study digital assets, work through the rules of their regulation, as well as analyze the risks and opportunities associated with their implementation.
The document introduces clear definitions of the terms “blockchain,” “cryptocurrency,” “stablecoin,” “digital assets,” and “central bank digital currency” or “CBDC.” Separately, the order mandates further research into CBDCs and includes information that their supporting infrastructure may include both public and private participants.
As a result of all of the President’s instructions, a new interagency structure should be formed in 120 days to work with foreign partners on the formation of global principles and standards for digital assets and CBDCs. In 180 days, another interagency structure should be formed with responsibility for enhancing US economic competitiveness in developing and using digital assets.
Also, after 180 days, a comprehensive report is due to be submitted to the President, leading to more specific decisions on digital asset adoption and regulation.