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Thursday, June 1, 2023

Biden Signs Executive Order Establishing National Crypto Policy Across 6 Key Priorities

Biden Signs Executive Order Establishing National Crypto Policy Across 6 Key Priorities – According to a White House release, US President Joe Biden signed a long-awaited executive order on cryptocurrency on Wednesday.

The executive order was anticipated to be signed by Biden at the end of February. Russia, on the other hand, commenced its invasion of Ukraine the following week.

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The presidential order outlines: “The United States must maintain technological leadership in this rapidly emerging field,” according to the White House.

The first-ever whole-of-government approach to tackling the risks and realizing the potential advantages of digital assets and the technology that underpins them.

Also Read: FinCEN Issues ‘Red Flags’ on Potential Sanctions Evasion Using Cryptocurrency

According to the statement, “the directive lays out a national policy for digital assets across six critical areas.” The presidential order instructs various government departments and agencies to develop policy recommendations within certain timelines for each digital asset priority.

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The second priority is to “defend financial stability in the United States and around the world.”

“Mitigating the illicit financing and national security risks posed by the criminal exploitation of digital assets” is the third priority. The executive order, according to the White House, directs:

“To mitigate these threats, there will be an unprecedented focus of coordinated activity across all key US government agencies.”

According to the release, “it also directs agencies to engage with our allies and partners to ensure that international frameworks, capabilities, and partnerships are aligned and responsive to dangers.”

Also Read: Pakistan’s Central Bank Sees Few Good Use Cases for Crypto Citing ‘a Lot of Misuses’ Worldwide

The fourth objective is to order the Department of Commerce to build an adequate framework to “advance US leadership in technology and economic competitiveness to reinforce US leadership in the global financial system.”

“Support technical breakthroughs and ensure responsible production and use of digital assets,” as well as “research a US central bank digital currency (CBDC),” are two other priority.

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