US Secretary Leaks Response to Joe Biden’s Crypto Executive Order

With the United States closing in on a regulatory framework for cryptocurrency, many speculate if the government authorities will pick a favorable stance that enables blockchain development and financial innovation within the country.

Earlier today, the official website of the US Department of the Treasury published a press release that contained a statement on the US President’s digital asset executive order.

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However, the response was quickly taken off as it should have been published tomorrow. Thanks to the resources of the internet though, the document was easily retrieved with the WayBackMachine, and the contents were published by users on social media.

According to the press release, US Secretary Janet Yellen stated that the executive order will require the Treasury to "evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place", and determine how to proceed with cross-border payments via cryptocurrencies.

The Treasury will also make recommendations on stablecoins after evaluating its uses with the President’s Working Group on Financial Markets (Plunge Protection Team), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

Other than that, Yellen affirmed that the Treasury will be working with experts in the digital asset industry to create a safe environment for investors, stating:

"Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security."

While, according to the press release, there weren’t any concrete statements or inclinations on what kind of regulatory measures will be taken after the executive order is live, the US Treasury’s statement had mixed responses from the community, with some claiming that it was a "good for nothing" response, while others saw it as a positive sign for the digital asset market in the US.

More than that, several users highlighted the Treasury mentioning "consumer protection" which may pose a threat to the decentralization of cryptocurrency transactions and user data privacy. 

With that being said, the Securities and Exchange Commission (SEC) was not once mentioned in the document, presumably meaning that the Treasury will be taking the lead on building the regulatory framework for digital assets.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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