White House and Treasury Department Divided Over Crypto Ahead of Biden’s Executive Order: Report

The White House and the Treasury Department are reportedly split on the scope of an executive order focusing on digital assets.

According to a new Bloomberg report, the draft of the executive order directs government agencies to study cryptocurrencies with a view of developing a government-wide strategy for regulating digital assets.

The White House is also likely to consider the possibility of supporting a central bank digital currency (CBDC), which is a virtual currency backed by the US dollar.

Citing sources familiar with the matter, Bloomberg says Treasury Secretary Janet Yellen considers the executive order unnecessary, including any details mentioning CBDCs.

Yellen and her team are of the view that the Federal Reserve should be given room to come up with its own strategy on CBDCs. Last month, the Federal Reserve released a report on the feasibility of issuing a CBDC in the United States.

In addition, the Treasury Department says that their office and other federal agencies including U.S. Securities and Exchange Commission (SEC) are making progress in terms of providing regulatory clarity for cryptocurrencies.

The White House’s efforts to develop a government-wide cryptocurrency strategy started in August of 2021, according to the report.

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Among other things, the draft of the executive order touches on the challenges posed by cryptocurrencies to the economy, national security and the regulatory landscape.

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