Top Takeaways from Biden’s Crypto Executive Order

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Biden’s executive order requested the report to concentrate on how CBDC may enhance financial inclusion, its implication on economic growth, and overseas digital dollars might affect the greenback’s position as the global reserve currency.

Joe Biden signed an executive order yesterday, requiring the government to evaluate the benefits and risks of a CBDC – an electronic form of the money in your wallet, plus other issues related to the cryptocurrency space.

Here are some takeaways

  • Central Bank Digital Currency

The Biden administration ordered the Treasury Department and other crucial agencies like Justice & State Departments to compile a report to the White House by September, analyzing potential benefits and costs associated with the digital dollar.

The executive order requested the report to concentrate on how US digital dollar may enhance financial inclusion, its implications on economic growth, and the impact of foreign digital dollars on the greenback’s prestige as a global reserve currency.

It further encouraged Fed Reserve to continue the ongoing research on digital dollar potential and formulate a strategic plan on implementing the US CBDC. Moreover, the attorney general should evaluate whether legislation is necessary to implement a digital dollar and draft a legislative proposal considering ongoing research by the Treasury and Fed.

  • Opportunities and Risks with Digital Assets

The executive order by Biden tasked leading financial watchdogs, including the SEC, US Treasury, Fed, banking regulators, and the consumer regulator, to produce public reports about US digital assets’ implications. Also, how shifts within the payment and financial market infrastructures would affect economic growth, businesses, investors, and consumers.

It also ordered the agencies to outline conditions that may ensure different digital assets achieve mass adoption and associated opportunities and risks. The order tasked regulators to concentrate on how tech innovation might affect the objective to introduce cryptocurrency assets, eyeing the most vulnerable ones.

  • Role of Cryptocurrency in Illegal Finance

Biden administration notified that surging digital assets popularity might attract illicit activities such as cybercrimes, terror financing, and money laundering. With that, the executive order tasked the Director of National Assembly, Department of Homeland Security, and Treasury Department to analyze how crypto can facilitate illicit activities and formulate plans to mitigate the related risks.


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