An executive order regarding cryptocurrency is being considered by the Biden administration, with the White House mulling a government-wide approach to digital currency oversight, Bloomberg reported on Friday (Oct. 8), citing unnamed sources.
Under the proposed order, federal agencies would be tasked with doing a deep dive into cryptocurrencies and coming back with recommendations regarding the “relevant areas of crypto.” Areas explored could include “regulation, economic innovation and national security,” according to the sources.
See also: Crypto Firms Struggle to Comply With AML Regs
The directive could also guide the sharing of information about cryptocurrencies between agencies across the executive branch, one of the sources said.
Part of the executive order could also instruct other government departments that have not previously focused on crypto to turn some attention to it. There was also chatter that a crypto czar could be appointed to act as a liaison, one source said.
Should President Joe Biden decide not to move forward with the executive order, the White House will still release its cryptocurrency strategy to the public, per an administration official.
Read more: Gensler Signals More Crypto Regulation Ahead
U.S. financial regulators have been debating the best ways to provide oversight to the $2 trillion cryptocurrency market. Officials across multiple agencies have expressed concern about the risk to investors. Security agencies nationwide are also dealing with the role digital currencies play in high-profile ransomware attacks.
The lack of an appointed regulator has led to questions about jurisdictions in a market that is growing quickly in many directions.
The proposed draft, which was seen by “senior officials and regulators,” also indicated that the directive could help better define the roles of different departments and agencies and enlist their help with research, the sources said.
An antitrust probe of Microsoft that was launched in the last days of the Biden administration will reportedly continue under the Trump administration.
Federal Trade Commission (FTC) staff have continued gathering information for the investigation, Bloomberg reported Wednesday (March 12), citing unnamed sources.
Neither the FTC nor Microsoft immediately replied to PYMNTS’ request for comment.
According to the Bloomberg report, the FTC sent Microsoft a civil investigative demand late last year demanding information about the company’s artificial intelligence (AI) operations, data centers, software licensing practices and decision to cut funding on its own AI projects after making a deal with OpenAI.
One company that was asked for information as part of the investigation told Bloomberg that the FTC wants to determine whether Microsoft has an edge over other AI companies because of the profits it earns from other parts of the business, per the report.
The FTC’s questions about the company’s software licensing practices may relate to competitors’ complaints about Microsoft bundling its office productivity, security software and cloud offerings, which makes it harder for them to compete, according to the report.
Microsoft’s decision to cancel some of its own work on AI after investing in OpenAI and using that company’s software is also under scrutiny by the FTC because that move may have reduced competition in the field, per the report.
Wide-ranging antitrust investigations like the one targeting Microsoft can take years and don’t always result in a case brought by the FTC, the report said.
Microsoft spokesmen Alex Haurek said in the report: “We are working cooperatively with the agency.”
It was reported in November that the FTC was set to investigate allegedly anticompetitive practices at Microsoft’s cloud computing business, focusing on allegations that the tech giant illegally uses the market power of its Office 365 productivity software to benefit its Azure cloud service.
In December, it was reported that Microsoft formally requested an investigation into the FTC after reports surfaced that details of the antitrust investigation were leaked. The company asked the regulator’s inspector general to examine whether senior management at the agency disclosed nonpublic information about the probe.