Biden signed Crypto Executive Order to promote responsible innovation
Biden signed Crypto Executive Order to promote responsible innovation
- biden calls for a uniform approach to the regulation and evaluation of cryptocurrencies
- industry representatives welcome regulation, but ask that their voices are heard
President Biden signed a implementation regulation on Wednesday morning, in which federal authorities are asked to create a timetable for the regulation of cryptocurrencies and identity risks as well as innovation potential, said Gary Gensler, chairman of the US stock exchange supervisory authority wrote on Twitter early Wednesday morning.
"The increase in digital assets creates an opportunity to strengthen the American leadership role in the global financial system and the technological boundary, but also has significant effects on consumer protection, financial stability, national security and climate risk", a
"We hope [the Executive Order] leads to a future state of regulation in which existing authorities have more clarity about how the existing regulatory framework can and should be applied to the blockchain industry, and to identify gaps," said Denelle Dixon, CEO and Executive of Stellar Development Foundation.
The regulation lists six focus areas for cryptocurrency policy and regulation: protection of consumers and companies, protection of financial stability, reducing risks, management of the USA in global financial system and economic competitiveness; Financial inclusion; and responsible innovation.
The order indicates authorities, including the Ministry of Finance and the SEC, to examine a variety of topics in connection with digital assets and to recognize potential risks and applications, including the role that a digital central bank currency could play in the USA.
"Due to the implementation regulation, the Ministry of Finance will work with cross-agency colleagues to make a report on the future of money and payment systems," said finance minister Janet Yellen in a statement on Wednesday. "We will also convene the Financial Stability Council in order to evaluate the potential risks of the financial stability of digital assets and to assess whether appropriate security measures have been taken. And since the questions raised by digital assets often have important borderline dimensions, we will work with our international partners to do solid standards and equal competitive conditions promote. "
Since the agencies continue to work on a uniform strategy for digital assets, industry members ask that their voices are heard.
"This call to work can be an excuse for preventing the industry from sitting down at the table," said Dixon. "We got too far in a short time to start now to lock out external perspectives."
The command comes because the congress also tries to tighten the reins of the stablecoin industry. According to a source familiar with the matter, draft laws on the regulation of digital assets are expected to be introduced by US legislators in the House of Representatives and the Senate.
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The contribution Biden signed Crypto Executive Order for the promotion of “responsible innovation” is not a financial advice.
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