President Joe Biden signed an executive order on Wednesday mobilizing the federal government to create a strategy for digital assets like cryptocurrencies that promotes innovation in the industry while minimizing risks to Americans and the global financial system.
Most notably, the order directs the Federal Reserve to research and potentially develop its own digital dollar, which would be similar to cryptocurrencies that have become a financial asset for some Americans in recent years.
The order directs the Treasury Department to develop guidelines for Americans trading and using cryptocurrency that aims to help them avoid fraud or market volatility. Treasury will also do further research on the potential role of digital assets and blockchain in future payment systems.
REGULATING CRYPTOCURRENCY: Biden administration looks to regulate cryptocurrency with new executive order. What does it mean?
“Fundamentally, an American approach to digital assets is one that encourages innovation but mitigates the risks to consumers, investors, and businesses, broader financial stability, and the environment,” said Brian Deese, director of the National Economic Council, and Jake Sullivan, Biden’s national security advisor, in a Wednesday statement.
Meanwhile, the Commerce Department will work to ensure that American finance and the dollar are still central to global business and trade. Other agencies will examine cryptocurrency’s role as a speculative asset and its role in illicit finance.
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