The Treasury Department will assess crypto risks under President Biden’s executive order, according to the US Treasury Secretary


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US Treasury Secretary Janet Yellen issued statement Late Tuesday, which was subsequently archived by her department, outlines plans for how her department will implement the upcoming executive order from US President Joe Biden on cryptocurrencies.

Yellen said:

Under the executive order, the Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems.

We will also invite the Financial Stability Oversight Board to assess the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place.

Since the questions posed by cryptocurrencies often have important cross-border dimensions, we will work with our international partners to promote strong standards and equal opportunity.

Next Crypto Order:

President Biden is expected to sign the executive order on Wednesday, but there is no official confirmation on it yet.

Yellen’s archived data now supports all media reports about the White House’s plans for cryptocurrency.

She described President Biden’s move as historic and that a coordinated approach to crypto-related policies will support responsible innovation.

Yellen added that the US Treasury will consider risks related to illicit financing, protect consumers and investors, and prevent threats to the financial system and the broader economy.

Yellen also said that the reports will complement the ongoing efforts of the Treasury Department, which has already worked with other agencies to make recommendations on stablecoins.

She added:

As we undertake this important work, we will be guided by consumer and investor protection groups, market participants, and other eminent experts.

The Treasury Department will promote a more just, inclusive, and effective financial system, building on our ongoing work to combat illicit financing and prevent risks to financial stability and national security.

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