Biden Signs Executive Order Centered Around 6 Key Priorities
On Wednesday. U.S. President Joe Biden signed the long-anticipated executive order on crypto, according to a White House announcement.
The executive order stresses that “the United States must maintain technological leadership in this rapidly growing space” and further outlines:
“The first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
The executive order consists of six key priorities for which government departments and agencies will need to develop policy recommendations.
The order starts with the priority to “protect U.S. consumers, investors, and businesses.”
Next up is the need to “protect U.S. and global financial stability.”
In third place is the priority to “mitigate the illicit finance and national security risks posed by the illicit use of digital assets,” for which the White House dictates:
An unprecedented focus of coordinated action across all relevant U.S. government agencies to mitigate these risks.
“It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to risks.”
To “promote U.S. leadership in technology and economic competitiveness to reinforce U.S. leadership in the global financial system” by calling on the Department of Commerce to come up with a framework, is the fourth priority
Lastly, with his signature on the document, Biden acknowledges the need to “support technological advances and ensure responsible development and use of digital assets” and to “explore a U.S. central bank digital currency (CBDC).”
The executive order was well received by policy makers and industry leaders.
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, commented on the executive order:
“I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors & consumers, guarding against illicit activity, & helping ensure financial stability.”
The Crypto Council for Innovation, founded in April 2021, said the order to be “holistic and informed” approach to cryptocurrencies and looked forward to working with regulators and policymakers to protect U.S. interests.
President Biden has signed the EO recognizing the tremendous potential of crypto. It reflects the importance of crypto to the American people. We share the President’s commitment to responsible financial innovation and a more fair, inclusive economy. Full statement below. pic.twitter.com/GUINxBeBQG
— Crypto Council for Innovation (@crypto_council) March 9, 2022
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FTX CEO Sam Bankman-Fried was pleased and said:
“A constructive EO to discuss customer protection and economic competitiveness in digital assets.”
After which he tried to find some answers:
ok so one thing that confuses me–
this was *always* going to be what the EO said; every sign pointed to it
why did markets go down when it was formally announced that it would come out this week (it was already going to come out?), and why did they go up when it did come out?
— SBF (@SBF_FTX) March 9, 2022
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Source: igaming
