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- The White House revealed the details of the much-awaited executive order on the treatment of digital assets on Wednesday. The White House was under pressure to play a central role in regulating digital assets.
- According to the fact sheet acquired, the order points out that it is the first-ever whole-of-government approach to address the risks associated with cryptocurrencies.
- The fact sheet also revealed about the implementation of the potential benefits of the digital assets.
President Biden Signs Executive Order Related To Digital Assets
On Tuesday, as per the reports from Bloomberg and Reuters, President Joe Biden can sign an executive order this week, the order that talks about the treatment of the digital currency by the U.S government.
On Wednesday came the news that the White House has publicized the details regarding the most-awaited executive order from President Joseph Biden, which states the U.S government’s strategy for the dealings of digital assets.
The White House was constantly pressurized to play a critical role in drafting and regulating cryptocurrencies.
That pressure has only increased with the sanctions imposed against Russia for its invasion of Ukraine and concerns that companies and individuals could use cryptocurrencies to circumvent them.
U.S. Senator Elizabeth is drafting a bill to prevent targeted individuals through sanctions from evading through cryptocurrencies in the latest news.
A fact sheet is acquired, which details the order. It highlights the first-ever whole-of-government approach taken to address the risks and apply the potential benefits of cryptocurrencies and their underlying blockchain technology.
What Are The Controversial Issues Addressed In The Order?
Various controversial issues are addressed, such as strategy for national security, user protection, financial stability, and environmental hazards.
According to the early reports, the order is fair towards the digital assets, despite the concerns regarding the crypto crackdown. However, the order does highlight an all-of-government approach, mentioning the latest works from the Financial Stability Oversight Council, Federal Reserve, national security agencies, and the Treasury on relevant parts of the ecosystem.
On the new executive order, a statement from Janet Yellen, Treasury Secretary, was accidentally put on the Treasury’s website. The statement was soon taken down but not soon enough as its web archive was captured.
Yellen also highlighted the coordination and the existing basis of agency interest in crypto, just like the fact sheet. Yellen says, “This work will complement ongoing efforts by Treasury.”
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
