President Biden just signed a sweeping executive order designed to ensure the US leads the way in crypto asset innovation.
The White House cites the explosive rise of cryptocurrency and surveys showing that 40 million Americans have already invested in Bitcoin and cryptocurrency as the key reason that the US must lead the way in this digital and financial revolution.
“The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk.
The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values and U.S. global competitiveness.”
The Biden administration says it will also urgently determine whether the US should issue its own digital form of the US dollar.
“Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests.
The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.”
The White House is ordering multiple US agencies to explore the best ways to ensure Americans are protected as they invest in the growing crypto economy.
Specifically, the US says it must protect American consumers, investors and businesses as well as mitigate the illicit use of digital assets and the potential for any systemic risk posed by the industry.
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