Treasury Secretary Janet Yellen’s statement on President Joe Biden’s Digital Assets Executive Order calls for efforts to support innovation while reducing industry risk.

Yellen’s statement was released a day earlier, apparently in error, and was soon removed, but archived online. It details President Biden’s executive order, which will be announced soon. It will require a “coordinated and comprehensive approach to digital asset policy.”

Yellen said in a statement that the demand “can lead to significant benefits for the nation, consumers and businesses.”

It will also eliminate the risks associated with illegal financing, protect consumers and investors, and prevent threats to the financial system and the economy as a whole.
Yellen also spoke about the next step the Treasury will take to understand digital assets and how they can be regulated through executive orders.

The Biden White House has been working on an executive order for digital assets since January. An unnamed source told Barron’s that this should help “provide context for what the government is trying to do in this space.”

To assist the Treasury in its efforts, other agencies will work together to produce a report “On the Future of Money and Payment Systems.” This will be done with the participation of international players “to promote reliable standards and equal opportunity”.

The Treasury will also hold a meeting of the Financial Stability Oversight Board to determine if there are “appropriate safeguards”. These efforts will add to the ongoing work that Yellen says her administration has already done with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) on stacked coins.

The statement said the decision will have global repercussions as “we will work with our international partners to promote reliable standards and equal opportunity.”

Yellen also said that the Treasury will continue to work with investor advocacy groups and various experts, and that:

“The Department of the Treasury will promote a more just, inclusive, and efficient financial system, while building on our ongoing efforts to combat illicit financing and prevent risks to financial stability and national security.”
Related: US Treasury Lists Cryptocurrencies as Part of Sanctions Efforts Against Russian Government

So far, prominent members of the crypto community have had mixed reactions. Evan Van Ness, founder of Week In Ethereum, described the statement as a “blank statement.”

But Altered State Machine (ASM) founder Aaron MacDonald expressed somewhat more serious feelings about the announcement. He wrote on Twitter that Yellen’s sentiments showed she was looking for a way to “make sure we keep the most powerful weapons in our military.” The US dollar as a global settlement. “

Source: CoinTelegraph

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