The introduction of a national cryptocurrency has become a top priority for the White House

Jason Brett, a representative of the US Federal Deposit Insurance Corporation (FDIC), who was a guest of the Bitcoin Magazine Podcast, spoke about the White House’s plans for cryptocurrencies and CBDCs.

According to Brett, the Federal Reserve, the White House, and the U.S. Treasury Department have formed a working group that will be responsible for the development, research, and implementation of the CBDC. Currently, the national cryptocurrency has become a priority for the White House. «There is information that has not yet been made public: The Department of Justice has prepared a report on how CBDCs can be legally regulated. There are assumptions that the Treasury Department will eventually oppose the introduction of national cryptocurrencies,» Jason Brett said.

Cryptocurrency platforms are likely to receive more attention and be subject to stricter control. Thus, the Administration of US President Joe Biden has called on Congress to speed up the implementation of cryptocurrency market regulations, as delays in launching regulatory policy pose a threat to investors. The US Financial Stability Oversight Council (FSOC) has published a document urging policymakers to reach an agreement on the regulation of bitcoin and other digital assets.

The FSOC aims to help investors protect their funds. According to the FSOC, many cryptocurrency transactions lack basic risk protection controls, and prices for digital assets are often speculative and do not meet current economic needs.