US Treasury Secretary Janet Yellen Says Biden’s Crypto Executive Order Supports ‘Responsible Innovation’

A new statement from Janet Yellen, the United States Treasury Secretary, has revealed that the much-awaited crypto executive order from President Joe Biden will support responsible innovation.

The statement highlights how Yellen’s department will implement the provisions of the executive order expected from the White House this week.

The statement was issued late Tuesday and later removed (archived version is here) from the Treasury Department’s official website.

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.”

Yellen further stated that the treasury department will partner with interagency colleagues to produce a report on the future of money and payment systems.

She said the department will also “convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place and work with our international partners to promote robust standards and a level playing field” given the global nature of the industry. This work will complement ongoing efforts by Treasury.”

“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”

It was earlier indicated that Biden’s Executive Order will have several components, all of which are centered on studying cryptocurrency and digital money across multiple United States government departments and agencies. Their topics will be based on central bank digital currency and how cryptocurrencies affect the environment.

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