US President Joe Biden has announced a new executive order for the nation’s plan to establish a framework to both develop the opportunities and mitigate the risks of cryptocurrencies.
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Billed as a “whole government-first” approach to cryptocurrency, Biden’s much-anticipated executive order on “responsible digital asset development” calls for Federal agencies coordinate efforts to research what policies and tools the United States can use to combat cryptocurrency risks while keeping the United States at the forefront of technology and the global financial system. bridge.
“The United States must maintain its technological leadership in this rapidly growing space, support innovation, and reduce risk to consumers, businesses, the broader financial system, and the broader financial system.” Queen” The White House said.
It says proposed survey that about 16 percent of American adults – about 40 million people – have invested in, traded in, or used cryptocurrencies, while more than 100 countries are exploring or testing Central Bank Digital Currencies .
“And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values and US global competitiveness.”
The order directs the Treasury Department and other agencies to “develop policy proposals” to address the impacts of the burgeoning cryptocurrency sector and changes in financial markets on consumers. , investors and businesses. It also encourages regulators to explore what protections they have against the systemic financial risks posed by digital assets.
“President Biden’s historic executive order calls for a comprehensive and coordinated approach to digital asset policy” speak United States Secretary of the Treasury Janet L. Yellen.
The Treasury was tasked with producing a report on the “future of money and payments systems” including what it means for economic growth, financial growth and inclusion, as well as national security. family.
Reuters yesterday’s report Treasury’s ‘future of money’ report is due in 180 days, which could affect US CBDC issuance policy.
The order states that it seeks to “place urgency” on US CBDC research and development and asks the Federal Reserve to continue current research in What are the pros and cons of CBDCs?
It also directs the Commerce Department to work with agencies to promote U.S. competition in digital asset technologies.
Finally, it directs all relevant federal agencies to focus on concerted action to combat illicit financial risks and national security from the illicit use of digital assets. .
