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Yellen-White House Split Slows Arrival of Crypto Strategy

  • Treasury, NEC disagreement over breadth of the EO, people say
  • Draft order is ready for President Biden to consider soon
Updated on

President Joe Biden’s cryptocurrency policy rollout was delayed by a dispute between White House officials and Treasury Secretary Janet Yellen over the scope of a pending executive order that could include a digital dollar, according to people familiar with the matter.

The order, intended to set a government-wide strategy for digital assets, was expected to be signed at the start of the year but the squabble between Yellen’s staff and officials on the National Economic Council slowed its progress, the people said, speaking on the condition of anonymity. Senior administration officials have now completed a draft version that is ready for Biden’s consideration, though further action could be delayed because of the Ukraine crisis.