In the US, President Joe Biden has signed an executive order on cryptocurrencies to create the country’s first federal strategy for digital assets. The announcement comes from Brian Dees, director of the NEC, and Jake Sullivan, a national security adviser.
Biden’s executive order on cryptocurrencies
According to Brian Dees, director of the NEC, and Jake Sullivan, a national security adviser, Joe Biden, president of the United States, has signed a new executive order on cryptocurrencies and digital assets. The first goal of this executive order is to create the country’s first comprehensive federal digital asset strategy, but also a fair compromise between the desire to be an innovator and the desire to protect consumers.
“This EO means stepping up our efforts to promote responsible innovation in the digital asset sector – innovation that works for all Americans, protects our national security interests, and contributes to our economic competitiveness and growth.”
It would therefore be a responsible innovation that the US government would like to adopt with regard to digital assets in order to support innovation while mitigating risks for consumers, investors and businesses. The idea of this regulation is to strengthen US leadership in the global financial system with knowledge.
The US outlines its new approach to cryptocurrencies and CBDC
With this executive order, the US wants to outline its access to digital assets, but also to cryptocurrencies and, as the document mentions, “for any future digital currency of the US central bank.”
It is an evolving foundation that has been delivered after months of working with a variety of stakeholders, such as government, industry, lawyers, academia and international allies and partners, to identify what steps to take to promote responsible innovation in the digital asset ecosystem.
In this regard, US SEC President Gary Gensler commented on Twitter:
“An executive order on crypto assets was signed today. I look forward to working with colleagues across the government to achieve important public policy goals: protecting investors and consumers, protecting against illegal activity, and helping to ensure financial stability. ”
Janet Yellen spoke positively about the approach to innovation in this executive order, despite the fact that Yellen had always been critical of the cryptocurrency sector.
Late last month, Yellen slowed down the executive order over a dispute between her staff and officials at the National Economic Council. The center of the dispute was the CBDC, or the central bank’s digital currency. Today, the future seems to be moving towards a “digital dollar”.