US Treasury Secretary Janet Yellen’s presidential directive on crypto assets (cryptocurrencies) by the Biden administration is a good balance between encouraging responsible innovation and addressing potential risks to consumers and the broader financial system. He expressed his view. He posted a statement on the US Treasury website on the night of the 8th.
This statement, dated March 9, has since been deleted. A Treasury spokesman declined to comment.
Bloomberg earlier reported that the Biden administration plans to issue a presidential directive this week in response to an industry request for the White House to lead the setting of digital asset policies. The presidential directive is the first attempt by government agencies to collaborate strategically.
Biden signs presidential decree on crypto assets-stakeholders
US Treasury Secretary Janet Yellen
Source: Bloomberg
In a statement, Yellen said the presidential directive will address the real benefits of technological innovation, while addressing the risks associated with illegal finance, protecting consumers and investors, as well as the financial system and broader. He pointed out that it would stop the threat to the economy.
According to the statement, the Treasury will work with other institutions to compile a report on the future of money and payment systems. The ministry will also convene the Financial Stability Oversight Council (FSOC) to examine potential risks to financial stability and assess whether necessary safeguards have been taken.
Original title:
Yellen Applauds White House’s ‘Historic’ Crypto Executive Order(excerpt)