Regulators and industry leaders react to Biden‘s executive order on crypto
Joe Biden has signed his 82nd executive order since being sworn into office in January 2021, directly addressing a regulatory framework for digital assets in a rare moment for the U.S. President.
In a Wednesday announcement, the White House said President Biden's executive order required government agencies to explore the potential rollout of a United States central bank digital currency as well as coordinate and consolidate policy on a national framework for crypto. Many media outlets previously reported the U.S. President had initially planned to sign the executive order in February, an event that was likely postponed following Russia’s military actions in Ukraine.
The reaction from many industry leaders compared the executive order to a regulatory opportunity — Biden had rarely spoken directly about crypto and blockchain during his presidency. Reports suggested that the situation with Russia potentially using digital currency to evade U.S. sanctions may have contributed to the U.S. President not waiting longer. The executive order mentioned the risks of circumventing sanctions three times, a sentiment echoed by National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan:
Lawmakers and regulators were quick to chime in on the executive order. Treasury Secretary Janey Yellen, who may have prematurely released her statement on the matter, said the EO could “result in substantial benefits for the nation, consumers, and businesses” in supporting innovation while addressing industry risk. Massachusetts Senator Elizabeth Warren, who has often associated cryptocurrencies with illicit acts, said Biden was “right to spotlight crypto’s risks,” adding that the U.S. government needed “strong rules
Read more on cointelegraph.com
