The United States has been working on the regulation of crypto-currencies for several months now. The US government’s interest in the sector has been particularly heightened since a risk of Russia circumventing economic sanctions through the use of crypto-currencies was identified. The other aspect that helps explain this renewed interest is that the sector has exploded lately, so much so that the market has surpassed $3,000 billion in market capitalization by the end of 2021 according to estimates by Joe Biden’s administration.
As we were talking about it yesterday, it was expected that the executive order on digital assets would be published today. The latter was leaked to the press a few hours before its publication by Joe Biden’s administration.
According to U.S. politicians, this executive order is the “first-ever comprehensive government approach” to regulating the crypto sector.
What is the purpose of the Biden administration’s executive order on cryptos?
Several objectives have been defined. Among these, we note that its main purpose is to determine the government’s strategy regarding crypto-currencies and particularly vis-à-vis Bitcoin.
In addition, it will ask federal agencies to conduct various analyses on (1) possible regulatory changes (2) national security impacts (3) and economic impacts on crypto-assets that it is likely to cause.
The Treasury, the Financial Stability Oversight Council, national security agencies and the Federal Reserve are the entities that will be required to conduct these new industry analyses.
Finally, the decree provides a list of other objectives that must be met:
- Promote U.S. leadership in technology and economic competitiveness to strengthen our leadership in the global financial system and economic competitiveness.
- Promote equitable access to safe and affordable financial services.
- Support technological advances and ensure responsible development and use of digital assets.
- Explore a US central bank digital currency (CBCD).
- Protect U.S. and global financial stability and mitigate systemic risk.
- Mitigate the illicit financing and national security risks posed by the illicit use of digital assets.
- Protect consumers, investors, and businesses by directing the Treasury Department and other partner agencies to evaluate and develop policy recommendations to address the consequences of the growth of the digital asset industry.
D’autres informations seront sans doute délivrées à ce sujet plus tard dans la journée. Nous ne manquerons de vous en informer.
