- 10 March 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, World News
The often-hyped and feared regulation of the digital sector by the Biden government has now arrived, but apart from not raising concerns, in some ways we could call it “very open” towards cryptocurrencies.
The news had come in advance through a statement first leaked and then deleted by Janet Yellen, US Treasury Secretary, who commented on President Joe Biden’s executive order on digital assets, calling for efforts to support innovation while addressing risks in the sector.
It is therefore, as assumed, a document that aims to reorganise the various agencies involved in financial market, currency and securities regulation.
Among the objectives achieved by the measure is the establishment of the first comprehensive federal strategy for digital assets in the country, with the aim of protecting consumers, like all regulations related to the subject. But it also takes into account the desire for innovation in a more disciplined and controlled environment in order to limit risks.
With a view to encouraging technological development in the sector, attention is also paid to the environment, with control entrusted to one of the government agencies responsible for the environment, to which the sector’s consumption must be reported.
The idea of this order is precisely to strengthen US leadership in the global financial system, and with this new executive order, the US wants to outline its approach to digital assets but also looks, as the document mentions, at ‘any possible future digital currency of the US Central Bank’.
The possibility of a digital dollar slowed down the timing of the executive order due to disagreements between members of Yellen’s staff and the National Economic Council, which said the opening to the Central Bank Digital Currency was not to be mentioned in order not to pressure the White House.