Biden is set to sign an executive order this week that will direct several federal agencies to investigate and develop policies and regulations on cryptocurrency.
The order is likely to be signed Wednesday, The Hill reports, and would be the first step toward regulating cryptocurrency.
The order will ask the State Department to ensure that American cryptocurrency laws align with those of U.S. allies, and task the Financial Stability Oversight Council to investigate any concerns.
It will also request the Justice Department to look into whether a new law is needed to create a new currency with the Consumer Financial Protection Bureau and other agencies studying consumer impact.
