Biden to sign executive order to outline US cryptocurrency strategy
Part of the executive order will ask the Justice Department to look at what is needed to create a digital currency
Chamber of Digital Commerce founder and president Perianne Boring discusses President Biden potentially signing an executive order on digital assets.
President Biden is expected to sign an executive order on Wednesday outlining a strategy for cryptocurrencies.
The order will direct federal agencies to look at possible regulatory changes and the national security and economic impact of digital assets, according to Bloomberg.
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Biden's order calls for a 180-day deadline for reports on "the future of money" and the role that cryptocurrencies will play.
A press release with comments by Treasury Secretary Janet Yellen was released early.
There has been concern about Russia's use of cryptocurrencies to get around Western sanctions that have cut Russia off from large portions of the global economy.
"President Biden's historic executive order calls for a coordinated and comprehensive approach to digital asset policy," said Yellen in a statement. "This approach will support responsible innovation that could result in substantial benefits for the nation, consumers and businesses."
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"It will also address risks related to illicit finance, protecting consumers and investors and preventing threats to the financial system and the broader economy," Yellen added.
Part of the executive order will ask the Justice Department to look at what is needed to create a digital currency.
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The executive order could also help regulators with ways to bring cryptocurrencies under their watch.