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The Yellen-White House schism has slowed the implementation of a crypto strategy

  • People claim that the Treasury and the NEC disagree about the scope of the EO.
  • The draught order is ready for President Biden to review as soon as possible.

According to people familiar with the situation, President Joe Biden’s cryptocurrency policy rollout has been delayed due to a disagreement between White House officials and Treasury Secretary Janet Yellen over the scope of a pending executive order that could include a digital dollar.

The order, intended to establish a government-wide strategy for digital assets, was expected to be signed at the start of the year, but a squabble between Yellen’s staff and National Economic Council officials slowed its progress, according to the people, who spoke on the condition of anonymity. Senior administration officials have now completed a draught version for Biden’s review, though further action may be delayed due to the Ukraine crisis.

According to two of the people, Yellen believes the executive order plan is unnecessary, particularly any mention of a central bank-issued digital currency. The Treasury Secretary and her team argue that the Federal Reserve, which issued a report last month, is still working on the issue and should be given more time to develop its thinking. Her team has also informed the White House that the Treasury and federal regulators, including the Securities and Exchange Commission, have made progress in providing industry with greater clarity on US rules governing virtual currencies.

Treasury spokesman John Rizzo said the account was “inaccurate,” but did not address Yellen’s involvement in the order’s drafting with the White House.

“The Treasury Department continues to collaborate closely with our partners throughout the administration and in the White House,” he said. According to a White House spokesperson, the administration is working together on digital-asset policy.

Over the last few years, federal agencies have taken a scattershot approach to digital assets, and Biden’s team is under pressure to take the lead on the issue. Industry executives frequently complain about what they see as a lack of clarity on US rules, while others are concerned that China’s and other countries’ embrace of government-backed coins could endanger the dollar’s dominance. In August, White House officials began working on a centralized strategy for cryptocurrencies.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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