US President Biden Signs Executive Order on Cryptocurrency
Updated · Mar 10, 2022
The historic executive order signed by Joe Biden focuses on certain key priorities.
Government Oversight of Crypto
US President Joe Biden has signed an executive order on Wednesday centering on crypto assets, the White House announced.
The long-awaited order examines the risks and rewards of digital assets. Notably, it tasks the Federal Reserve to explore options surrounding creating a national digital currency as well as other cryptocurrencies.
The explosive rise of digital assets presents an opportunity to “reinforce American leadership in the global financial system.” That is, according to a White House fact sheet presented before the president signed the executive directive.
The executive order outlines a national policy for digital assets that cut across these different areas:
- Protect U.S. Consumers, Investors, and Businesses
- Protect U.S. and Global Financial Stability and Mitigate Systemic Risk
- Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets
- Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System
- Promote Equitable Access to Safe and Affordable Financial Services
- Support Technological Advances and Ensure Responsible Development and Use of Digital Assets
- Explore a U.S. Central Bank Digital Currency (CBDC)
Biden’s advisers Brian Deese and Jake Sullivan are confident that the order will place the US in a prime position.
“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,” they said in a statement.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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