Answers to come – The White House issued the executive order on March 9. Joe Biden then requested seven reports on digital assets from various agencies, which have until September 5 to submit them.
The digital dollar under the magnifying glass of regulators
Three major institutions are responsible for providing responses to issues related to central bank digital currencies (MNBC). The Treasury pays particular attention to issues relating to the cooperation with the Federal Reserve (EDF) in this area.
Instead, the Office of Science and Technology provides a technical analysis difficulties relating to the launch of a CBDC, and the likelihood of success of such a project.
The themes revolving around regulations fall unsurprisingly under the Department of Justice, which assesses from a legal point of view whether or not it is necessary to adoption of a new law by the Congress, in order to be able to concretize the launch of an MNBC.
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Less blur, more clarity on digital assets
These three institutions must also submit a report regarding digital assets in general. The Treasury, as well as the main regulators concerned, will decide on the risks and benefits digital assets in markets and payments.
The Office of Science and Technology Policy will provide clarification on the place of cryptocurrencies, in the energy transitionss.
In collaboration with the Treasury and the Department of Homeland Security, the Department of Justice will clarify the role of the authorities in the field of “detection, investigation and prosecution of criminal activities related to digital assets”.
Last but not least, the Department of Commerce is also called upon to provide a framework that aims to increase competitiveness of the United States, in the field of technologies related to digital assets.
Agencies have already provided some answers, before the deadline. These reports will likely provide more specific answers as to the general direction of US MNBC and cryptocurrency regulation.
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