President Biden’s current signed executive order is the 82nd one after he took office last year. This one has to do with a regulatory network to deal with digital assets. In an announcement on Wednesday, March 9th, 2022, a White House spokesman said that this particular order requires all agencies to look at digital currency.
The appropriate government agencies are charged with the job of look at a potential rollout of a US digital currency issued by the central bank. Agencies also have to look at coordinating and consolidating crypto policies and framework at a national level.
Many media organizations had reported that the President had initial plans to sign such an order in February, but it didn’t happen. This could have been delayed due to the Russia Ukraine war. Many industry leaders reacted positively to this event and compared this order to an opportunity to regulate this industry. President Biden has not touched on the crypto issue often, since he took office.
According to some reports, the situation with the possible Russian need to use crypto to evade sanctions may have propelled him to act sooner. The executive order mentions the risks associated with circumventing sanctions and the number of times as well. This order outlines an approach in which the US will take the lead to safeguard global financial systems and the efficacy of critical tools required by the nation. These tools include anti-money laundering methods and much more.
Lawmakers, industry stalwarts and others were quick to respond to this new order.
Treasury Secretary Yellen said it this would bring substantial benefits to the US businesses and consumers by supporting innovation. Government agencies will also look closely at the risks and frame rules to mitigate risk. A coalition of crypto firms welcomed the executive order and said that it has all the ingredients for an informed and holistic approach to crypto. It is expected to help bolster America’s position as a leader in innovation across the globe.