Key Takeaways:
- Biden finally issues the Executive order on digital assets.
- The primary focus of the order lies in national and consumer security.
On March 9, the White House confirmed the details of the executive order issued by President Joe Biden on digital assets. The order is the first of its kind and is a “whole-of-government approach” to examine the potential risks of digital assets and ways to impose control over them.
The order includes topics like a strategy for protecting consumers from scams and frauds, financial stability, national security, and climate issues. It also addresses that the federal agencies need to strengthen their communication by updating the digital asset sectors about the ongoing work. However, neither the agencies have not been directed to take up specific roles, nor any new regulations have been laid out for cryptocurrency organizations to follow.
The U.S administration is concerned that cryptocurrencies may fund immoral activities. But an official also said that this might provide an excellent opportunity for innovation, competitiveness, and promoting financial inclusion.
“Innovation is central to America’s story and our economy, generating jobs and opportunities, creating and building new industries, and sustaining our global competitive edge and leadership”, he further added.
