Biden administration mulls executive order on crypto oversight

The executive order would assign federal agencies to study and offer recommendations on relevant areas of crypto, including financial regulation, economic innovation and national security, reported Bloomberg. 

The directive is part of efforts by the White House to develop a strategy for digital tokens, which have increasingly become a concern for regulators due to their popularity with Americans.

“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House National Security Council spokeswoman said.

According to Bloomberg, officials have considered appointing a crypto ‘czar’ to act as a point person on the issue. 

A decision on the order has not been made, however if President Joe Biden chooses not to move forward on it, the administration will still make its overall strategy for cryptocurrencies public, says an administration official.

Just last week the United States Department of Justice (DOJ) announced the creation of a National Cryptocurrency Enforcement Team (NCET) yesterday.

The NCET will draw and build upon the established expertise across the Criminal Division to deter, disrupt, investigate, and prosecute criminal misuse of cryptocurrency, as well as to recover the illicit proceeds of those crimes whenever possible.