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US Secretary Leaks Response to Joe Biden’s Crypto Executive Order

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US Secretary Leaks Response to Joe Biden’s Crypto Executive Order

The statement by the Secretary of the US Treasury on Biden’s digital asset executive order was scheduled to go live tomorrow.

With the United States closing in on a regulatory framework for cryptocurrency, many speculate if the government authorities will pick a favorable stance that enables blockchain development and financial innovation within the country.

Earlier today, the official website of the US Department of the Treasury published a press release that contained a statement on the US President’s digital asset executive order.

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However, the response was quickly taken off as it should have been published tomorrow. Thanks to the resources of the internet though, the document was easily retrieved with the WayBackMachine, and the contents were published by users on social media.

According to the press release, US Secretary Janet Yellen stated that the executive order will require the Treasury to “evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place”, and determine how to proceed with cross-border payments via cryptocurrencies.

The Treasury will also make recommendations on stablecoins after evaluating its uses with the President’s Working Group on Financial Markets (Plunge Protection Team), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

Other than that, Yellen affirmed that the Treasury will be working with experts in the digital asset industry to create a safe environment for investors, stating:

“Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”

While, according to the press release, there weren’t any concrete statements or inclinations on what kind of regulatory measures will be taken after the executive order is live, the US Treasury’s statement had mixed responses from the community, with some claiming that it was a “good for nothing” response, while others saw it as a positive sign for the digital asset market in the US.

More than that, several users highlighted the Treasury mentioning “consumer protection” which may pose a threat to the decentralization of cryptocurrency transactions and user data privacy. 

With that being said, the Securities and Exchange Commission (SEC) was not once mentioned in the document, presumably meaning that the Treasury will be taking the lead on building the regulatory framework for digital assets.

Dom Z. - Crypto Analyst

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Dom Z. – Crypto Analyst, BitDegree

Source – Bitdegree.org

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