Health & Environment, Politics

Uh-Oh: Biden Sets His Sights on Crypto Owners

The Biden administration is preparing to release an initial government-wide strategy for digital assets as soon as next month and task federal agencies with assessing the risks and opportunities that they pose, according to people familiar with the matter. Senior administration officials have held multiple meetings on the plan, which is being drafted as an executive order, said the people. The directive, which would be presented to President Joe Biden in the coming weeks, puts the White House at the center of Washington’s efforts to deal with cryptocurrencies.

Federal agencies have taken a scatter-shot approach to digital assets over the past several years and Biden’s team is facing pressure to lead on the issue. Industry executives often bemoan what they say is a lack of clarity on U.S. rules and others worry that an embrace by China and other nations of government-backed coins could threaten the dollar’s dominance.

The White House declined to comment. Read more…

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