Biden Signs Executive Order Looking Into Cryptocurrency, Digital Assets

This week, President Joe Biden signed an executive order for government regulators to assess the benefits and risks of digital assets, such as cryptocurrencies.

The evaluation could possibly lead to the US forming its own central bank digital currency via the Federal Reserve, which would be controlled by the government. 

According to CNET, the order has directed agencies across different facets of government to come up with recommendations for policies, with regards to how risks affect consumers, investors, and financial markets. 

CNBC reported the measures will see officials focus on addressing six key areas: consumer and investor protection, financial stability, illicit activity, US competitiveness on a global stage, financial inclusion, and responsible innovation.

It’s obvious why protecting consumers and safeguarding against illicit activities would be important, as more scams involving cryptocurrencies have been reported over the past year.

In fact, the Justice Department just seizing US$3.6 billion in stolen bitcoin last month.

“I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors and consumers, guarding against illicit activity, and helping ensure financial stability,” said Securities and Exchange Commission Chairman, Gary Gensler. 

[via CNET and CNBC, cover image via Marc Bruxelle | Dreamstime.com]