Besides, the executive order will analyse consumer, business, and investor protection measures. It will also address the issues related to stablecoins, privacy, and distributed ledger technology (DLT).
The following government agencies will be roped in to fulfill these responsibilities in this direction:
- Other government bodies will also be instructed to come up with a report on the future of money and payment systems.
- Government bodies include Departments of the
Treasury, State, Justice, and Homeland Security.
- The Financial Stability Oversight Council (FSOC) will look after financial stability issues pertaining to digital assets.
- The Attorney General, the Federal Trade Commission (FTC), and Consumer Financial Protection Bureau will examine the relation between growth of the crypto sector and its impact on market competition.
- The FTC had warned in January 2022, about misleading and fraudulent crypto ads and various crypto investment scams utilizing social media.
- The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) will consider market protection measures within their jurisdictions.
- SEC Chairman
Gary Genslersaid earlier this month that the SEC will work with the CFTC to ensure investor protection.
- The Treasury Department will be responsible for compiling a report on ways of protecting against risks from cryptocurrencies after consultation with the SEC, CFTC, and federal banking agencies.
- The government will also try to coordinate with other countries to standardize crypto rules.
- Robert Ophèle, a member of the Financial Stability Board (FSB), recently said that the existing structure of crypto regulation is not suitable for the development of cross-border digital market activities.