President Biden is ordering a comprehensive federal review of cryptocurrencies, as the administration aims to regulate the surging industry to protect consumers, investors and the financial system itself.
Biden’s order directs financial regulators to review any threats cryptocurrency poses to the stability of the financial system and the broader economy and develop recommendations to address them. It calls on the Commerce Department to work across the government to ensure emerging policies protect U.S. leadership in the sector. And it orders the Treasury Department to report on the “future of money and payment systems,” with an eye toward promoting wider access to the financial system.
“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts,” Treasury Secretary Janet L. Yellen said in a statement. “Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”Industry leaders are greeting the White House order as a win for the sector.
in a Medium post. “The Executive Order will inaugurate a serious, sustained discussion about how to build the policy architecture of a better internet. This is a debate Americans deserve.”on Twitter that the order signals that the U.S. “seems to be taking on the reality that digital assets represent one of the most significant technologies and infrastructures for the 21st century; it’s rewarding to see this from the WH after so many of us have been making the case for 9+ years.
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