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Joe Biden to take 'coordinated and comprehensive approach' while signing the executive order on crypto
Just when it seems that the crypto market will continue its bearish movement, the world’s biggest cryptocurrency turned green which can be attributed to the fact that US President Joe Biden is set to take a ‘coordinated and comprehensive approach’ via his executive order on crypto.
Yellen’s comments leaked
The statement of Treasury Secretary Janet L. Yellen was leaked and you can view the entire release here. The statement from Yellen was supposed to come out after Biden signed the executive order based on digital assets but we got hands-on with them way earlier.From the release, we can gather a number of things about the executive order that Biden is about to sign. The US is supposed to take a “coordinated and comprehensive approach to digital asset policy” in order to “support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.”
Moreover, the executive order also brings out the risks associated with “illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.” This is not it. Yellen’s statement reveals that the Biden administration will convene the Financial Stability Oversight Council to look at the possible threats to financial stability from digital assets.
The executive order from Biden
Cryptonary reported earlier that the executive order from Biden would focus on CBDCs and the sign of the President will set “a 180-day deadline for a series of reports on “the future of money” and the role that cryptocurrencies will play in the evolving landscape.”Moreover, the order will also instruct the government agencies like the Treasury Department to look if new laws need to be formed for the crypto industry. The Biden administration will also join hands with “international partners to promote robust standards and a level playing field.”
Yellen also stated:
“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."
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