Biden Issues Executive Order on Cryptocurrency

Biden Issues Executive Order on Cryptocurrency

( – Media outlets recently reported on the explosive growth of cryptocurrencies, noting the global market surpassed $3 trillion in late 2021. As a result of this rise in digital assets, President Joe Biden recently signed a first-of-its-kind executive order creating a “whole-of-government” approach to maximizing benefits and minimizing risks for Americans.

The March 9 order laid out the framework for a national policy governing cyber currency and digital assets. It includes six priorities:

  1. Providing protections for consumers and investors
  2. Developing, maintaining, and controlling responsible innovation
  3. Expanding American leadership and competitiveness in international financial systems
  4. Creating protections against illicit financial operations
  5. Reinforcing financial stability
  6. Fostering financial inclusion

National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan issued a press release discussing Biden’s order, called “Ensuring Responsible Development of Digital Assets.”

The statement stressed the need for a comprehensive strategy for the United States governing cryptocurrencies and digital assets. They explained the importance of a united approach across federal agencies to protect consumers and regulate digital currencies at home and abroad in a manner consistent with America’s “democratic values.”

The long-term impact of the executive order on existing cryptocurrencies remains unclear. However, cryptocurrencies experienced an immediate boost after Biden signed the order. Ikigai Asset Management CEO Travis Kling attributed the rise to the administration’s decision to embrace digital assets rather than ban them.

Not everyone sees the growth of cryptocurrency in a positive light, however. Newsmax reported that American University professor Hilary Allen supported a cautious approach, saying that we should be “putting the brakes on this innovation until it’s better understood.”

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