President Joe Biden’s executive order on cryptocurrencies addresses the balance between innovation and risk while also collaborating with other U.S. agencies and their policies, Treasury Secretary Janet Yellen said in a statement published on the Treasury’s website late Tuesday (March 8).
Biden’s approach to digital asset policy and its support of “responsible innovation” could deliver “substantial benefits for the nation, consumers, and businesses,” Yellen said in the archived statement dated Wednesday (March 9). The statement is no longer live on the Treasury’s website.
See also: US Senate Finance Committee Chair Urges Caution on Crypto Rules
Aside from the benefits, Yellen said that the executive order also addresses risks related to illicit finance and how to better protect consumers and investors. The policy also addresses threat prevention to the financial system and broader economy.
The Treasury will partner will other agencies to issue a report on the “future of money and payment systems.” The Financial Stability Oversight Council will analyze “potential financial stability risks of digital assets” and assess if additional safety measures are needed. Global partners will also be included to “promote robust standards and a level playing field.”
Read more: Taxation May Be a Bigger Issue in Crypto Regulation Than Anticipated
Yellen said the executive order would build on the Treasury’s continuing crypto policy work and stablecoin report with the President’s Working Group, the FDIC, and OCC.
“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts,” Yellen said. “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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