Senior administration officials have held multiple meetings on the plan, which is being drafted as an executive order, said the people. The directive, which would be presented to President Joe Biden in the coming weeks, puts the White House at the center of Washington's efforts to deal with cryptocurrencies.

Federal agencies have taken a scatter-shot approach to digital assets over the past several years and Biden's team is facing pressure to lead on the issue. Industry executives often bemoan what they say is a lack of clarity on U.S. rules and others worry that an embrace by China and other nations of government-backed coins could threaten the dollar's dominance. 

The White House declined to comment. 

The Biden administration's increased focus comes at a time of broad consumer interest in the volatile crypto market. Bitcoin, the biggest and most liquid cryptocurrency, fell below $37,000 on Friday, compared with an all-time high of nearly $69,000 in November.

The late-stage draft of the executive order details economic, regulatory and national security challenges posed by cryptocurrencies, said the people who asked not to be named discussing internal deliberations. It would call for reports from various agencies due in the second half of 2022.