How the Executive Order effects cryptocurrency. On Wednesday, March 9th, 2022, the White House intends to sign Executive Order on Ensuring Responsible Innovation in Digital Assets (aka Cryptocurrency). The U.S. government has created a set of six priorities designed to corresponds to digital assets through several states: consumer and investor security, financial stability, illicit financing, U.S. leadership in the global financial system, financial inclusion, and responsible innovation.
Protect U.S. Consumers, Investors, and Businesses
The Department for the Treasury and other government partners directed to assess and develop policies to respond to the findings of the digital asset sector and shifts in economic markets, consumers, investors, and companies.
Protect U.S. and Global Financial Stability and Mitigate Systemic Risk
Encouraging the Financial Stability Oversight Council to establish safeguards for detecting and mitigating economic risk faced by digital assets and developing policy recommendations.
Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets
These actions focus on coordinating all U.S. government activities to mitigate the ramifications of these threats. It also requires government agencies to coordinate and work together with our allies and partners to establish international frameworks, capabilities, and plans for responding to these threats.
Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System
Instructing the Department of Commerce to work together with the U.S. Government in establishing a framework to optimize U.S. competitiveness and leadership in, and integration of digital asset technologies. This framework will serve as a basis for principal agencies, and will incorporate it as a priority in their policy, research and development, and operational approaches to digital assets.
Promote Equitable Access to Safe and Affordable Financial Services
Safe affordable and accessible financial services as a U.S. national interest should be accurate in our cryptocurrency approach, which includes setting aside potential harm to sensitive individuals and communities. Such safe access is particularly important in areas with longstanding financial inequality. The Secretary of the Treasury, in partnership with all relevant agencies, will create a report on the future of the economy. This will include effects on future economic growth, financial security, and inclusion, national security, and possible conclusions linked with technological innovation as part of that future.
Support Technological Advances and Ensure Responsible Development and Use of Digital Assets
The United States government will direct various agencies to implement concrete steps throughout the world in order to encourage and facilitate technological innovation in a safe environment designed to limit the adverse impacts of these developments on people’s private lives.
Explore a U.S. Central Bank Digital Currency (CBDC)
The Order directs the government to assess the technical infrastructure and capacity for a potential U.S. CBDC in a way that protects the interests of Americans. The order encourages the Federal Reserve to continue activities relating to their research, development, and assessment of a United States CBDC. Including development of a plan for enhanced U.S. Government action in support of their work. The goal of this effort is to implement a holistic approach to CBDCs. And promote U.S. leadership in multinational experimentation that supports the principles and interests of this nation.
Conclusion – How the Executive Order Effects Cryptocurrency
In conclusion, the White House Executive Order on Cryptocurrency is a positive step forward in terms of regulating the cryptocurrency industry. However, there are still some unanswered questions about how this will be implemented, and what it will mean for businesses and consumers. There is also a lot of speculation about what other regulations may be coming down the pipeline. For now, it is important to stay informed and keep an eye on developments as they happen.
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