Biden Signs Executive Order Calling for Government Oversight of Cryptocurrency

Biden Signs Executive Order Calling for Government Oversight of Cryptocurrency

Biden Signs Executive Order, Calling for Government Oversight, of Cryptocurrency.

Biden Signs Executive Order, Calling for Government Oversight, of Cryptocurrency.

On March 9, President Joe Biden signed an executive order that calls for government oversight of cryptocurrency.

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On March 9, President Joe Biden signed an executive order that calls for government oversight of cryptocurrency.

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The Associated Press reports that the order urged the Federal Reserve to consider creating its own digital currency.

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According to a senior administration official, Biden's administration sees crypto as an opportunity to study the pros and cons of digital currency.

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The executive order also reportedly directed the Treasury Department to investigate the impact of crypto on national security and economic stability.

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Biden's top economic and national security advisers pointed out that the executive order will establish the first federal digital assets strategy in the U.S. That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness, Brian Deese and Jake Sullivan, Biden Administration advisors, joint statement, via The Associated Press.

The AP points out that the order comes amid concerns that Russia may be using cryptocurrency to dodge international sanctions.

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The AP points out that the order comes amid concerns that Russia may be using cryptocurrency to dodge international sanctions.

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Last week, Treasury Secretary Janet Yellen pointed out that the industry is not, “completely one where things can be evaded.”.

Yellen reportedly added that, “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions.”.

Yellen reportedly added that, “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions.”.

Meanwhile, Coinbase Global Inc., the United States' largest crypto exchange, said that the company was not aware of a recent surge that would denote sanction evasion.

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Meanwhile, Coinbase Global Inc., the United States' largest crypto exchange, said that the company was not aware of a recent surge that would denote sanction evasion.