The White House is reportedly going to be addressing the question of introducing cryptocurrencies as Biden prepares an Executive Order.
With multiple countries providing more leeway to the growing crypto market, it seems that the US might be catching up despite earlier reluctance to support digital assets.
Based on the report by Bloomberg, there have been multiple rumors floating around about the introduction of cryptocurrency policy in the US. The main suggestion was that Joe Biden will be issuing an Executive Order for crypto in early February of 2022.
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The report also suggests that there have been previous meetings at the White House discussing the matter. One of the suggestions was to introduce central bank digital currencies in response to the rise of the digital Yuan in China.
Likewise, the major thoroughfare and center of the largest lobbyists and advocacy groups in the USA called K Street sees a lot of potential in the crypto industry, and seeks to capitalize on the upcoming decisions from the White House.
Also, the US Congress has shown interest in blockchain technologies, with an ongoing project called the Congressional Blockchain Caucus, which essentially aims to educate the general public and government officials on blockchain technology.
US Congressman Tom Emmer told reporters about the development of the Blockchain Caucus project, and expressed his thoughts on actually implementing certain policies regarding cryptocurrencies, stating:
"There are several bipartisan, industry supported proposals on the table… but, we have yet to see anything pass out of Congress and get signed into law."
However, the congressman is hopeful that this time crypto policies will actually be implemented, and seeks to prepare the Blockchain Caucus platform "for the next term."
While the US is still figuring out how to approach the crypto industry, China has already rolled out a fully functioning, yet limited version of its national digital currency and wallet, which was said to be fully released before the 2022 Winter Olympics in Beijing.
