Finally, the long-awaited executive order on cryptocurrency has been issued from the White House.
The pending executive order details how the industry can enhance the standing of the United States of America in fintech, as well as its citizens, and the need to mitigate risks, as well as identifying some critical points that regulators must act on.
President Biden issues executive order on cryptocurrency:
This was a hot topic all over the cryptocurrency community, and finally, the statement was released.
As shown oncoinmarketcap“The market responded very positively to the news.
The released document acknowledges the growth of the cryptocurrency market over the past few years and also explains how cryptocurrencies can benefit the US authorities and the country’s citizens.
As a priority, the document states that the United States must maintain its technology leadership in this rapidly growing space, supporting innovation while mitigating risks to consumers, businesses, the broader financial system, and the climate.
The document also carried major priorities on which the national policy of the United States focuses, which include:
Consumer and investor protection, financial stability, illicit finance, US leadership in the global financial system, economic competitiveness and financial inclusion, and responsible innovation.
US central bank digital currency?
In addition to all of the above, the document also presents the possibility for the United States to explore a central bank digital currency (CBDC).
The order directs the United States government to assess the technological infrastructure needs and special capabilities of a potential digital dollar in a way that protects the interests of Americans.
The order also encourages the Federal Reserve to continue its research, development, and evaluation efforts on digital currencies for the US central bank.
The document revealed that the administration will also continue to work with agencies and with Congress to provide actionable policies that protect investors and guide responsible innovation.
Like we noted above, the broader cryptocurrency market responded very positively to the news and gained over $130 billion in a matter of hours.
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The Treasury Department will assess crypto risks under President Biden’s executive order, according to the US Treasury Secretary