Biden issues executive order coordinating federal agencies on cryptocurrency regulation

U.S. President Joe Biden issued a new executive order, which among other things directs federal agencies to coordinate their efforts in regulating the cryptocurrency industry. CoinDesk reports.

The administration identified six “key priorities”:

• consumer protection;
• financial stability;
• illicit use;
• leadership in the global financial sector;
• access to financial services;
• promoting innovation.

The document notes that the volatility of digital assets is among the main risks for investors. It also notes that around 40 million Americans (roughly 16% of the adult population) have invested in, traded, or used cryptocurrencies.

The order also directs regulators to consider the opportunities, benefits, and risks of issuing a central bank digital currency, something more than 100 countries are already pursuing.

The Treasury Department was also tasked with preparing a report titled ‘The Future of Money and Payments,’ analyzing the impact of cryptocurrencies on the financial system, economic growth, and national security.

Earlier in March, the U.S. Securities and Exchange Commission is considering new recommendations for investment advisers and firms regarding digital assets.

Earlier, the Biden administration asked crypto exchanges to help prevent the use of cryptocurrencies to circumvent sanctions by Russian individuals and entities.

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