The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.

The national security memorandum, expected to come in the next few weeks, would task parts of the government with analysing digital assets and assembling a regulatory framework that covers cryptos, stablecoins, and NFTs, or non-fungible tokens, this person said.