President Biden Rolls Out Executive Order on Cryptocurrencies
President Joe Biden officially signed an executive order on Wednesday that called on a number of government agencies to research the risks and the benefits of cryptocurrencies.
A report from Bloomberg indicated a divide between White House officials and Treasury Secretary Janet Yellen which delayed the policy rollout.
The measures announced Wednesday will focus on six key areas:
- Consumer and investor protection
- Financial stability
- Illicit activity
- U.S. competitiveness on a global stage
- Financial inclusion
- Responsible innovation
The White House is tasking the Treasury to examine the industry and then develop policy recommendations on cryptocurrency, and is tasking regulators to regulators to “ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.
Prices of bitcoin rose above $42,000 on Wednesday”