The White House is reportedly preparing an executive action that will instruct federal agencies with regulating cryptocurrencies ‘as a matter of national security’, a person familiar with the matter told Barrons.
According to this source, the national security memorandum, which is expected to be released in the next few weeks, would assign portions of the government the task of analyzing digital assets and putting together a regulatory framework that would cover cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).
“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space,” said the source.
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In particular, those involved in the initiative would be, the State Department, Treasury Department, National Economic Council, and Council of Economic Advisers.
Economic implications for national security
Notably, since cryptocurrency has implications for national security the person involved also indicated that The White House Security Council would be involved in the executive action.
Following this manner, the administration would direct agencies to concentrate on aligning legislation governing digital assets across international borders.
The individual added:
“Because digital assets don’t stay in one country, it’s necessary to work with other countries on synchronization.”
It is not expected that the White House would provide proposals; instead, agencies would be allowed three to six months to develop proposals, with the White House serving as a policy coordination body.