U.S. President Joe Biden today signed the eagerly awaited executive order on crypto, directing federal agencies to lay a framework for the digital asset industry.
“Within 180 days of the date of this order, the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, and the heads of other relevant agencies, shall establish a framework for enhancing United States economic competitiveness in, and leveraging of, digital asset technologies.”
E.O.
AlexaBlockchain earlier reported that the U.S. president was likely to sign an E.O. on crypto this week. We were highly accurate to speculate that the Biden will direct federal agencies such as the U.S. SEC to examine potential regulatory changes, as well as the national security and economic impact of crypto assets.
The pro-crypto E.O. is a big positive signal for the sector. The executive order does not lay out specific responsibilities to different federal agencies, or impose new regulations on the sector. But, it orders all the relevant agencies to integrate digital assets as a priority into their policy making.
The executive order is focused on consumer protection, financial stability, promoting technological innovation aimed at establishing leadership position in global financial system.
This is in short what the SEC Chair Gary Gensler pointed out in a recent interview with Yahoo Finance Editor-in-Chief Andy Serwer. “we at the SEC are technology neutral, but we’re anything but public policy natural,” Gensler said.
NEC Director Brian Deese and National Security Advisor Jake Sullivan released a joint statement on the executive order.
The statement said, “The E.O. 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.”
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