Biden just put out an executive order on cryptocurrencies — here’s everything that’s in it

U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies.
The measures focus on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
The Biden administration also wants to explore a digital version of the dollar.

U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies.

It’s a long-awaited directive that has had the crypto industry on edge, not least due to growing regulatory concern around the world surrounding the nascent digital asset market.

There had been reports of a divide between White House officials and Treasury Secretary Janet Yellen leading to delays in the policy rollout.

The crypto market got wind of the executive order overnight after the Treasury accidentally put out a since-deleted statement calling it “historic” and releasing some of the details ahead of time.

The order was finally signed Wednesday. It calls on federal agencies to take a unified approach to regulation and oversight of digital assets, according to a White House fact sheet.

Here are the key things to know.

Protecting consumers

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

Protecting consumers is an important part of the directive. There have been countless stories of investors falling for crypto scams, or losing huge sums of money through cyberattacks on exchanges or users themselves.

The Biden administration is calling on the Treasury to assess and develop policy recommendations on crypto. It also wants regulators to “ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.”

By NC ScoutPublished On: March 10, 2022Categories: AP Staff, Finance6 Comments

About the Author: NC Scout

NC Scout is the nom de guerre of a former Infantry Scout and Sergeant in one of the Army’s best Reconnaissance Units. He has combat tours in both Iraq and Afghanistan. He teaches a series of courses focusing on small unit skills rarely if ever taught anywhere else in the prepping and survival field, including his RTO Course which focuses on small unit communications. In his free time he is an avid hunter, bushcrafter, writer, long range shooter, prepper, amateur radio operator and Libertarian activist. He can be contacted at brushbeater@tutanota.com or via his blog at brushbeater.wordpress.com .

6 Comments

Paul March 10, 2022 at 08:42

Right…all for our own good, for security, to defend freedom and democracy.
- NC Scout March 10, 2022 at 09:08
  
  Always is. Wonder why a “free society” seeks so much control.
Dale March 10, 2022 at 09:48

Biden can actually grasp the concept of digital assets because he is one!
boss21 March 10, 2022 at 10:05

40 million in US alone have some crypto. They aren’t putting this genie back in the bottle.it won’t stop them trying which will only reinforce the need for parallel systems. Whether it’s stealing money from Canadian truckers or Russian foreign assets , they are blowing up credibility in banking. Not a good way to sell CBDCs.
Ralph k March 10, 2022 at 11:05

In the end, there can be only One. Governments will not tolerate competition. I would expect some move to that effect sometime in the not too distant future. Programmable CBCDs are the wet dream of globalists, effective control of your assets and what you are permitted to spend them on, and of course that pesky on/off switch for noncompliance is the Damocles sword. Dark times ahead.
Überdeplorable Psychedelic Cat Grass March 10, 2022 at 21:43

Having studied and dealt with government speak enough over the years, urgently studying a CBDC means we want one but haven’t figured it out yet.

Concerns over climate change = we must ban crypto mining and use this as an excuse. As another well known podcast co-host once pointed out, if you have enough machines mining crypto, you have enough heat to heat your house for the winter independent of your furnace.