The White House is Set to Release an Executive Order on Cryptocurrencies as Early as February

  • Source: markets.businessinsider.com

Treliant Takeaway:

Companies should be prepared for increased legal and regulatory oversight of cryptocurrencies. Treliant’s team of compliance professionals has deep experience helping companies design, implement, and maintain cryptocurrency BSA/AML and OFAC risk management programs. Treliant can help institutions of all sizes satisfy legal and regulatory requirements when designing and operating sustainable compliance programs.

Pending Cryptocurrency Executive Order Highlights:

President Biden is expected to issue an executive order on cryptocurrencies as early as February 2022 in an effort to develop a coordinated and comprehensive strategy across all agencies and departments within the U.S. federal government. Although the directives included in the executive order has not yet not been finalized, it is expected to:

  • Include details on the economic, regulatory, and national security challenges posed by cryptocurrencies;
  • Require reports from various federal agencies due in the second half of 2022, including a report from the Financial Stability Oversight Council that would assess the systematic impacts of digital assets;
  • Assign roles to a wide range of federal departments and agencies such as the State Department and Commerce Department in developing a comprehensive digital strategy and ensuring that the U.S. remains competitive in the digital marketplace; and
  • Comment on the possibility of the U.S. issuing a central bank digital currency (CBDC).

Developing a unified approach to digital assets is clearly a priority of the Biden administration and Treliant will continue to monitor and provide updates on any new developments.

Author

Evan Drexler

Evan Drexler, a Director with Treliant, has extensive legal advisory experience in providing banking and mortgage litigation support to law firms and financial services companies. At Treliant, Evan has managed banking litigation matters in connection with the expert analysis and trial phases of litigation. His work has included drafting expert…