President Joe Biden’s executive order on digital assets, according to US Treasury Secretary Janet Yellen, asks for steps to promote innovation while addressing risk in the market.
Yellen’s message was mistakenly released a day early and quickly erased, although it was archived on the internet. It provides early details on President Biden’s executive order, which is expected to be announced soon.
The presidential order might “lead to considerable benefits for the nation, consumers, and companies,” according to Yellen’s statement
As per the US treasury secretary statement, the executive order of the president will also manage issues associated with illicit finance, safeguarding consumers, and preventing threats to the financial system and the broader economy.
Yellen also described the Treasury Department’s future actions in learning about digital assets and how to govern them within the executive order’s boundaries.
Since January, President Biden’s White House has been working on an executive order linked to digital assets, which will assist “provide coherence to what the government is trying to do in this field,” according to an unknown source.
The Treasury will also schedule a meeting of the Financial Stability Oversight Council to see if “proper safeguards” are in place. These efforts will be added to the existing work on stablecoins that Yellen said her department is doing with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).
The executive order would have worldwide consequences, according to the statement, as “we will work with our international allies to establish tough standards and a level playing field.”
So far, prominent members of the crypto world who had conflicting reactions. Evan Van Ness, the founder of Week In Ethereum, says “nothingburger of a statement.”
