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These points of an executive order for cryptocurrencies will be signed by Joe Biden



 Incumbent US President Joe Biden signs the executive order on cryptocurrencies, authorizing all government efforts to consolidate regulation.


The document does not announce any restrictive measures, but is intended to lay the foundation for stronger federal supervision.


Later today, Joe Biden will sign the hotly debated executive order on digital assets. Despite fears that this order will bring a regulatory crackdown on the crypto industry, the document seems different than expected. The focus is on coordinating and consolidating the efforts of different authorities within a unified national policy.


The document also identifies six key areas: consumer and investor protection, financial stability, financial inclusion, responsible innovation, global US financial governance, and countering illicit financial activities. Certain authorities are to take the lead in designated guidelines


The US Treasury Department will take the lead in developing policy recommendations to mitigate consumer risk. The Financial Stability and Oversight Council will assess global and national risks and fill any gaps. The entire government is responsible for fighting illegal finance.


In addition to filing risks, the executive order points to the potential of digital assets to expand financial service accessibility and help maintain the United States' global financial leadership. In particular, the Department of Commerce is instructed to develop a framework to ensure the US is competitive in the digital asset space.

The order also directs the Treasury Department to produce a report on the future of money and payment systems. The Federal Reserve is to strengthen with research and the development of a digital currency of the US central bank.


This executive order comes amid growing concerns from the US government that Russia is turning to cryptocurrencies to evade Western sanctions following its invasion of Ukraine. A day before the actual publication, the US Treasury Secretary withdrew a document that had apparently been published too early by mistake, as we reported .

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