September 29, 2022

Biden issues executive order coordinating federal agencies to regulate cryptocurrencies


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US President Joe Biden has issued a new executive order, including directing federal agencies to coordinate their efforts in regulating the cryptocurrency industry. It is reported by CoinDesk.

The administration has identified six “key priorities”:

consumer protection;
financial stability;
illegal use;
leadership in the global financial sector;
availability of financial services;
promotion of innovation.

In the document, the volatility of digital assets is named one of the main risks for investors. At the same time, it is noted that about 40 million US citizens (approximately 16% of the adult population) have invested, traded or used cryptocurrencies.

The decree also directs regulators to consider the opportunities, benefits, and risks of issuing a central bank digital currency, which more than 100 countries are already doing.

Also, the US Department of the Treasury was instructed to prepare a report “On the future of money and payment systems”, analyzing the impact of cryptocurrencies on the financial system, economic growth and national security.

Recall that in early March it became known that the US Securities and Exchange Commission is considering new recommendations for investment advisors and companies regarding digital assets.

Earlier, the Biden administration asked cryptocurrency exchanges to help prevent the use of cryptocurrencies to circumvent sanctions by Russian individuals and organizations.

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