White House confirms details of Biden’s planned executive order on digital assets

The White House on Wednesday published details of a much-anticipated executive order from President Joseph Biden on the treatment of digital assets.

The fact sheet, which The Block obtained four hours ahead of time, describes the order as “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

The order addresses hot-button issues, including a strategy to protect consumers, financial stability, national security and climate risks.

Per earlier reporting, it is fairly benign, despite early fears of a pending crypto crackdown. It does, however, emphasize an all-of-government approach, calling on new work from the Treasury, Financial Stability Oversight Council, Federal Reserve and national security agencies on relevant portions of the ecosystem.

A statement from Treasury Secretary Janet Yellen on the new executive order also seems to have gone up accidentally on the Treasury’s website before being taken down, but not before its webarchive was captured.

Like the fact sheet, Yellen emphasized coordination, as well as the existing basis of agency interest in crypto, saying, “This work will complement ongoing efforts by Treasury.”