The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter.
The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto — touching on financial regulation, economic innovation and national security, said the people, who asked not to be named discussing plans that are still under consideration.
The initiative will also aim to coordinate agencies’ work on digital currencies throughout the executive branch, the people said. The plan would push departments that have given scant attention to crypto to focus on it. Officials have also considered appointing a White House crypto czar to act as a point person on the issue, one person said.
The White House declined to comment on the crypto initiative.
The draft directive is part of an effort by the White House to craft a sweeping strategy for digital tokens, which have become a growing concern for regulators as they’ve become wildly popular with average Americans.
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