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Biden signs executive order on digital assets

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The order encourages the Financial Stability Oversight Council to identify and mitigate systemic financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps, the White House noted.

Moreover, the order directs the Department of Commerce to work across the federal government in establishing a framework “to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies,” the fact sheet noted.

Brian Deese, director of the National Economic Council, and National Security Advisor Jake Sullivan said in a joint statement that the order marks an “intensification” in the federal government’s efforts to promote responsible innovation in the digital assets space.

“We are clear-eyed that ‘financial innovation’ of the past has too often not benefited working families, while exacerbating inequality and increasing systemic financial risk,” Messrs. Deese and Sullivan said. “This history underscores the need to build robust consumer and economic protections into digital asset development.”

To that end, the…

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