- President Joe Biden has signed an executive order that established the first federal strategy on cryptocurrencies. These are the details.
President Joe Biden has signed an executive order that established the first federal strategy on cryptocurrencies. And Biden will an exploration of a digital currency operated by the US central bank. Plus Biden encouraged regulators to identify and mitigate the risks that digital assets could have on the broader economy.
“The E.O. will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” said National Economic Council director Brian Deese and national security adviser Jake Sullivan in a statement.
According to The White House, 16% of Americans have invested in, traded, or used cryptocurrencies. Biden’s executive order is based on 6 priorities:
1.) Consumer and investor protection
2.) Financial stability
3.) Illicit finance
4.) U.S. leadership in the global financial system and economic competitiveness
5.) Financial inclusion
6.) Responsible innovation
“This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses,” added Treasury Secretary Janet Yellen. “It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”