President Biden signed an executive order Wednesday for a sweeping review of the government’s approach to cryptocurrencies, aiming to secure the nation’s position as a leader in the rapidly growing industry while containing risks to consumers and the financial system itself.
Ultimately, some structure could be imposed on what has been a fractured regulatory response to the rise of digital assets in a global market now valued at roughly $1.85 trillion.
“Fundamentally, an American approach to digital assets is one that encourages innovation but mitigates the risks to consumers, investors, and businesses, broader financial stability, and the environment,” National Economic Council Director Brian Deese and national security adviser Jake Sullivan said in a statement.
They said the work that Biden is ordering will “reinforce U.S. leadership in the global financial system and safeguard the long-term efficacy of critical national security tools like sanctions and anti-money laundering frameworks.”
Click here to read the rest of the article written by Tory Newmyer over at The Washington Post
