The NEC States Biden’s Newly Signed Crypto Executive Order
On March 9, 2022, President Joe Biden signed the long-awaited crypto executive order (E.O.) to flag the first comprehensive federal digital assets strategy for the U.S. The E.O. aims to position the United States as playing a pivotal role in innovation and governance of digital assets globally by protecting consumers’ consistently with the country’s democratic resolutions.The order asserts a leak from the Treasury department suggesting that it would be friendly to digital assets. BTC rose 8% after the leak, and other coins also rallied to the green zone. Now, the order is finally out, and it calls for intensification of the Federal government’s efforts in promoting responsible innovation.
Biden Finally Signs the Long-Awaited Crypto Executive OrderAfter President Joe Biden signed the long-awaited crypto E.O. by, the NEC director Brian Deese and National Security advisor Jake Sullivan issued a joint statement on the same. The statement explains that the executive order aims to promote the embracement of responsible innovation by the U.S. The statement explains that they drafted the order closely to America’s traditions, values, and interests. It explained that the E.O. takes an approach to encourage innovation while mitigating risks to consumers, investors, businesses, the environment, and financial stability. An excerpt from the statement reads:
“We are clear-eyed that “financial innovation” of the past has too often not benefited working families while exacerbating inequality and increasing systemic financial risk. This history underscores the need to build robust consumer and economic protections into digital asset development.”The duo explained that the outline of the E.O. will reinforce the country’s leadership in digital financial systems and safeguard the long-term efficiency of current systems like AML features. It also detailed that it identifies all digital assets and any possible future US CBDC to help guide the U.S. in digital economy adoption. It explained that the team behind the order would remain in communication with U.S. allies, U.S. regulators, and other stakeholders in the digital economy community. It plans to maintain its commitment for the successful adoption and to run of the incoming digital economy.
What the US Crypto E. O. EntailsThe U.S. President has already signed the much-awaited crypto E.O. The order aligns with many analysts’ expectations and top-notch media outlets like crypto.news, CNBC, Reuters, and Bloomberg. It mainly calls for the Federal authorities to rally together to help adopt digital assets while upholding U.S. values. Specifically, some of the measures that the crypto E.O. calls for include to:
- Protect U.S. investors, consumers, and businesses.
- Protect the U.S. and global financial stability by encouraging the Financial Oversight Council (FSC) to identify and mitigate any possible financial risks posed by digital assets.
- Mitigate financial foul play and national security risks arising from misuse of digital assets.
- Promote U.S. leadership in innovation at the world level.
- Promote financial inclusion by encouraging the safe trading of digital assets in U.S. economic landscape.
- Explore the development of a U.S. Central Bank Digital Currency (CBDC) through the placement of urgency on its research. The research on the digital dollar will be in the interests of the U.S.
- Support responsible innovation in the digital economies era.