- On Wednesday, President Joe Biden signed an executive order regarding cryptocurrencies that directed federal agencies to work together to address the issue.
- The executive order doesn’t specify the positions that the administration would like agencies to adopt or impose new regulations.
- The order directs the Treasury Department, in part, to prepare a report on “the future of money,” which will include how the current financial system may not be meeting consumer needs.
According to the order, the “whole-of-government” is focusing its efforts to regulate the crypto industry, and the may interest areas are consumer protection, financial stability, illicit uses, leadership in the global financial sector, financial inclusion and responsible innovation.
This executive order, which is the first to be solely focused on the growing digital assets sector, directs federal agencies in communicating their work better, but does not specify the positions that the administration would like agencies to take.
The Wednesday executive order, will establish six priorities for the administration: protecting U.S. interests, protecting global financial stability, preventing illicit uses, promoting “responsible innovation,” financial inclusion and U.S. leadership.
According to U.S. officials, 16% of the total population, or around 40 million U.S, citizens, have invested in cryptocurrencies.
The official stated that the order recognizes that the assessment of potential risks and benefits of digital assets must also include an understanding of how the financial system meets current consumer needs in an equitable, inclusive, and efficient manner.
The “antiquated” payment infrastructure could make it difficult for consumers to access services. This was especially true for cross-border payments, according to officials.