U.S government is going to issue an order on cryptocurrency, as per the Govt. officials are aware about the matter, Yahoo Finance reported on Feb 18th . Presidential directives direct a wide set of government agencies for studying cryptocurrencies and CBDC and to help to come up with various program for regulating crypto currency.
On the other hand, the govt. order will calculate consumer, business and investors protection. It will also look into problems regarding stablecoins, privacy and distribution ledger technology.
The following government agencies are involved in performing these tasks in this direction:
- Other government agencies have also been asked to report on the future of money and payment systems.
- Government agencies include the Ministry of Finance, the Department of State, the Department of Justice, and the Department of Homeland Security.
- The Financial Stability Oversight Board addresses financial stability issues related to digital assets.
- The Attorney General, the Federal Trade Commission, and the Consumer Finance Agency will investigate the relationship between the growth of the crypto sector and its impact on market competition.
- In January 2022, the FTC warned of deceptive crypto advertising and various crypto investment frauds using social media.
- The Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency will consider market protection measures in their respective jurisdictions.
- SEC Chairman Gary Gensler said earlier this month that the SEC will work with the CFTC to protect investors.
- The Treasury Department is responsible for working with the SEC, CFTC and federal banking agencies to prepare reports on how to protect against risks associated with cryptocurrencies.
- The government will try to coordinate with other countries to standardize cryptocurrency rules.
- Robert Ophele, a member of the Financial Stability Council, recently stated that the current structure of cryptocurrency regulation is not suitable for the development of cross-border digital market operations.
