In the USA, the President Joe Biden signs executive order on cryptocurrenciesto establish the country’s first federal strategy on digital assets. The communication comes from Brian Deesedirector of the NEC, and Jake Sullivan, National Security Advisor.
Biden’s cryptocurrency executive order
In accordance to reported in the statement by Brian Deese, director of the NEC, and Jack Sullivan, national security adviser, today was signed by Joe Biden, President of the United States, a new executive order on cryptocurrencies and digital goods.
The first objective of this executive order is to establish the first comprehensive federal strategy of digital goods in the SEAPand, but also a right compromise between wanting to position oneself as innovators and wanting to protect consumers.
Specifically, here is how he quotes the press release:
“This EO marks an intensification of our efforts to promote responsible innovation in the digital goods space – innovation that works for all Americans, protects our national security interests, and contributes to our competitiveness and economic growth”
It would therefore be responsible innovation the one that the US government would like to adopt towards digital goods, so as to encourage innovation by mitigating risks for consumers, investors and businesses.
The idea of this ordinance is precisely that of strengthen US leadership in the global financial systemaware that in the past, many innovations would have highlighted more inequalities and increased systemic financial risk.
USA outlines its new approach to cryptocurrencies and CBDC
With this executive order, the US wants to outline their approach for digital assets but also for cryptocurrencies and, as the document mentions, also “For any future US central bank digital currency”.
An evolving base which, however, was produced after months of work with various stakeholders such as government, industry, lawyers, academia and international allies and partners, all to identify which actions to take to promote ” responsible innovation “in the ecosystem of digital assets.
In this regard, the President of the US SEC, Gary Gensler made a comment on his Twitter account:
Today, @POTUS signed an Executive Order on crypto-assets. I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors & consumers, guarding against illicit activity, & helping ensure financial stability.
– Gary Gensler (@GaryGensler) March 9, 2022
Today, POTUS signed an executive order on cryptocurrencies. 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 ensure financial stability.
Janet Yellen and crypto regulation
Also on this revealing day for the US and cryptocurrencies, the Secretary of the Treasury Janet Yellen would have released information just prior to publication of Biden’s execution order.
Yellen would have anticipatedindeed, the approach of responsible innovation of that executive order, talking about it in a positive way albeit always Yellen is critical of the cryptocurrency world.
Not surprisingly, at the end of last month, Yellen had slowed down the progress of the executive order due to a dispute between its staff and officials of the National Economic Council.
At the center of the dispute was the CBDC o Central Bank Digital Currency. According to Yellen, he was not to be mentioned for not pressing the White House. Today it seems that the future direction is precisely that of a “digital dollar”.