- On March 9, the president of the United States signed an executive order that sets out the guidelines to create a clear regulation regarding cryptocurrencies.
- This order has six key points focused on protecting investors, reducing the risks of assets being used in illegal activities and maintaining the US as a leader in technology and economic competitiveness.
Much has been said about digital assets, their benefits, but also their risks, especially for inexperienced people who consider opening a bank account and investing their money in the institution’s own systems to be similar.
In the United States there is a legal swamp in terms of crypto assets, therefore President Joe Biden already had some actions in the pipeline to bring order and regulate the crypto market. It seems that this moment has finally arrived.
White House issues new executive order on cryptocurrencies
Recently, the US chief executive signed a executive order “historical” on cryptocurrencies, which had been awaited with great anticipation. BitcoinNews points out that Biden was expected to sign it in the last week of February, however, at that time the Russian invasion of Ukrainian territory began, which is why the signing of said legislation had to be postponed.
According to the announcement made by the White House, the signing of this executive order aims to “That the United States continue to maintain its role and place in technology leadership, especially in this fast-growing space”.
This executive order is the first approach of its kind by the government, to face the threats and take advantage of the potential benefits offered by crypto assets and the technology that surrounds them.
6 key points of the executive order on crypto assets
According to what was declared by the White House, the executive order proposes a national policy on virtual tokens based on 6 key points.
The first relevant point to cover is protect American consumers, investors and businesses. In this regard, the executive order states that the Treasury Department, as well as other agencies and dependencies, will have the obligation to “assess and promote policy recommendations.”
The second key point of the executive order is that of safeguard the financial stability of the world and the United States.
In third place, the document states that illegitimate finances must be attenuated, in addition to mitigate national security risks that are related to the illegal use of virtual currencies. To achieve this effect, the document is very emphatic in the fact that an exceptional perspective of cooperative and articulated action between all the government agencies of great weight in the nation must be counted on.
Likewise, the executive order indicates that all agencies that work with allies and partners of the government must emphasize their actions to guarantee that international frameworks, capacities and associations are fully in line, so that they have the capacity to respond to risks. potentials.
The fourth key point in the executive order is that the leadership of the United States in technology and economic competitiveness must continue to be promoted with the firm intention of strengthening and maintaining the privileged position of the United States in the world financial system, through the construction and maintenance of a framework according to said needs by the Department of Commerce.
The last two key points are focused on supporting technological advances, in addition to safeguarding the development and correct use of crypto assets, in addition to beginning to analyze all the possibilities for the United States to launch a central bank digital currency (CBDC) at some point.
It is clear with these strategic points that the government of Joe Biden does not want to be left behind in this technological area, while wanting to make sure that there are no setbacks in the implementation of instruments that allow crypto assets to be incorporated into the national economy, ensuring the well-being of its citizens and, above all, of its institutions.
You might be interested in: