Biden's executive order on cryptocurrency opens the door for a US coin
an executive order detailing the country's first"whole-of-government" strategy for exploring cryptocurrency and other digital assets. Officials at multiple bureaus will explore the risks and potential advantages of crypto, both for individuals and the nation at large.
The Treasury Department and partners will recommend policies to protect people and businesses, including enough regulation to protect against"systemic financial risks." The Financial Stability Oversight Council, meanwhile, will help pinpoint economy-level dangers and suggest policies to match. On a broader level, government agencies will aim to"mitigate" risks of illegal activity andThe strategy also sees cryptocurrency as a competitive tool, however.
The executive order promises to give the US a more unified and aggressive approach to cryptocurrency. Previously, it took a more reactive stance where regulators wouldby applying existing rules to digital assets. Theoretically, this could lead to the creation of an official"digital dollar" and otherwise clear the way for crypto to further enter the mainstream.
With that said, the order is relatively short on firm policies, and doesn't establish timelines. There are no guarantees this will lead to concrete action, at least not in the near future. Still, the US government hasn't taken a holistic view of cryptocurrency before — it's a start, even if there's much more ground left to cover.
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