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Janet Yellen Gives Crypto Executive Order Details: Global Impact Expected



In a statement by US Treasury Secretary Janet Yellen on US President Joe Biden's executive order on digital assets, she called for the industry to be encouraged to innovate and risk addressed.


Yellen's statement was published a day early by mistake and was quickly deleted. But she was captured in a web archive. The US Treasury Secretary provides the first insights into the details of President Biden's planned executive order. According to the statement, this executive order calls for a “coordinated and comprehensive approach to digital asset policy”.


It went on to say that the executive order could bring "significant benefits to the nation, consumers and businesses."


"It will also address risks related to illicit financing, protect consumers and investors, and prevent threats to the financial system and the economy in general."

Yellen also spoke about the next step the Treasury Department will take to understand digital assets and regulate them under the executive order.


The White House has been working on an executive order on digital assets since January . An anonymous source told Barron's that it is intended to "bring coherence" to government action in this area.



To support the Treasury, other agencies will jointly prepare a report on the future of money and payment systems. International actors are also involved in order to "promote solid standards and a level playing field".



The Treasury Department will also convene the Financial Stability Oversight Council to determine if "adequate safeguards" are in place. According to Yellen, her department has already done some work related to stablecoins  in conjunction with the FDIC and the OCC .


The statement suggests that the Executive Order will have global implications as, as mentioned, international partners are also contributing to it.


Yellen also said that the Treasury will continue to work with investor protection groups and various experts:


"The Treasury Department will work towards a fairer, more inclusive and more efficient financial system, building on our ongoing work to combat illicit financing and avoid risks to financial stability and national security."


The reaction from the crypto community was mixed. Week In Ethereum founder Evan Van Ness called the statement a “nothing burger of a statement.”


Altered State Machine (ASM) founder Aaron McDonald, on the other hand, was more serious about this statement. He tweeted that Yellen's comments show she is trying to "ensure we maintain the most powerful weapon in our military, the US dollar as a global settlement currency."

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