US presidential administration has released a strategy for regulating cryptocurrencies

The document sets out a national policy on digital assets in six key areas

09.03.2022 - 14:45

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What’s new? On March 9, the White House released a government-wide strategy for regulating the sphere of cryptocurrencies. The document outlines an approach to address the risks and potential benefits of digital assets and their underlying technologies.

Information on the White House’s website

What does the decree say? The executive order sets national policy on digital assets in six key areas: consumer and investor protection, financial stability, illegal use of cryptocurrencies, US leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.

What are the President’s key directives? Biden directed the Treasury Department to assess and develop recommendations to protect US consumers, investors, and businesses. He called on the Financial Stability Oversight Council to identify and mitigate general economic-financial risks associated with digital assets and develop recommendations to address regulatory gaps.

In the document, the president noted the need to mitigate national security risks associated with the illicit use of digital assets. Biden noted the promotion of US leadership in technology and economic competitiveness, as well as access to safe financial services for all citizens.

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