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US Treasury: Biden supports responsible crypto innovation

 


US Treasury Department's Janet Yellen: Biden wants to support responsible innovation.



US Treasury Department on upcoming executive order

A new statement from US Treasury Secretary Janet Yellet, later removed from the department's website, talks about how her department will implement a long-awaited White House executive order. The statement said:



"Biden's historic executive order calls for a coordinated and comprehensive approach to digital asset policy."


Yellen further:


"This approach will support responsible innovation that could result in significant benefits for 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 at large."


According to Yellen's statement, the Treasury Department will work interagency to produce a report on the future of money and payment systems. It will also convene the Financial Stability Oversight Council to assess the potential financial stability risks of digital assets. It should also be assessed whether adequate safety precautions have been taken. Cooperation with international partners is also planned in order to promote solid standards and a level playing field.


As Yellen further said in the statement:


"This work will complement the Treasury Department's ongoing efforts."


As recent reports have indicated, Bide's executive order will include multiple components, all focused on investigating cryptocurrencies and digital money across multiple US government departments.


Specific topics include central bank digital currencies and the environmental impact of cryptocurrencies.


Yellen's statement concluded:


"As we undertake this important work, we will be guided by consumer and investor protection groups, market participants and other leading experts."


"The Treasury Department will work to promote a more equitable, inclusive and efficient financial system while building on our ongoing work to combat illicit finance and prevent risks to financial stability and national security."

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