US Treasury Secretary Yellen Applauds Biden’s Crypto Executive Order

United States Treasury Secretary Janet Yellen, in a statement, commended President Biden’s executive order relating to the crypto market. In a statement now archived, she said that the agency would work with other agencies to facilitate responsible innovation and prevent risks.

United States Treasury Secretary Janet Yellen issued a statement on March 9 concerning President Joe Biden’s executive order on digital assets. Her remarks applauded the move towards creating a policy on the cryptocurrency market, emphasizing the need for responsible innovation, and consumer protection. The piece was originally published on the U.S. Department of Treasury website but has since been removed.

Yellen’s short but precise statement celebrated the “coordinated and comprehensive approach to digital asset policy” that the executive order calls for. She says that the responsible innovation that it will foster will result in benefits for the country, consumers, and businesses. At the same time, it will address risks “related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

Many U.S. officials have expressed concerns that the crypto market could bring some instability to financial markets.

The Treasury itself will work with other agencies to create a report on the future of money and payments systems, she also said. In addition, the agency will convene the Financial Stability Oversight Council to examine the risks of the crypto market and consider safeguards.

Yellen has been somewhat anti-crypto in the past, though in more recent times, she seems to have changed tack. She has called for bitcoin safeguards.

US charging forward on crypto regulation

Over the past year, it has become very clear that the United States wants to avoid delaying regulation any further. Multiple developments have pointed to fast-incoming regulation, and 2022 is set to be the year of changes as the law is concerned.

Investor protection is one of the key priorities, something that has been mentioned time and again by officials. Taxation is also a high priority, and the IRS has taken numerous steps to ensure that crypto investors pay their dues.

Stablecoins are another important part of the agenda, and stablecoin regulation is something U.S. officials are wrangling with as it considers its own CBDC.