The White House has released the full text of its executive order on digital assets, mapping out its policy objectives for managing the crypto industry in the United States.
The fact sheet that leaked out earlier described the executive order as “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
The executive order on the crypto ecosystem addresses important issues, such as strategy to protect consumers, stability of the financial system, national security, and climate risks.
Aside from the aforementioned, the White House also outlined its plan for assessing the implementation of a central bank digital currency (CBDC) and cracking down on illegal activity.
The order is described as fair, despite early fears of an impending crackdown on the crypto industry in the country.
The order underscores an all-of-government approach, demanding new work from the Treasury, Financial Stability Oversight Council, Federal Reserve, and national security agencies on important portions of the crypto industry.
The order also emphasizes that the Administration will continue to work with agencies and Congress to establish policies that encourage responsible innovation. It also promises to support technological advances in digital assets.
It was earlier reported that a statement from Janet Yellen, the United States Treasury Secretary, revealed that Biden’s executive order on cryptocurrency will support responsible innovation.
The statement highlights how Yellen’s department will implement the provisions of the executive order, which was recently released by the White House.
The statement reads in part as follows:
“Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
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