The US government is planning to introduce new rules to regulate the cryptocurrency industry.
The White House wants to protect consumers and maintain America’s technological leadership in the field.
The executive order comes as cryptocurrencies become more popular and mainstream, attracting more investors.
The government is concerned about the criminal activities and financial risks associated with cryptocurrencies.
The order calls for officials to develop proposals within 180 days, covering areas such as anti-money laundering and controls.
The Treasury Department also wants more oversight of stablecoins, which are digital currencies backed by the dollar or other assets.
The order signals a turning point in US policy and a national conversation on cryptocurrencies, according to industry leaders.
The order also reflects the global efforts to address the implications of digital currencies for the US dollar and the financial system.
The order does not take any immediate action, but provides some clarity on which part of the government will regulate what aspect of the industry.
The order also poses a challenge for policymakers to balance innovation and consumer protection in the fast-growing and evolving industry.