US President Joe Biden has signed a long-awaited executive order to study the legal and economic conditions for developing a US central bank digital currency (CBDC), and how the US authorities can protect crypto investors.
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The order lays out a national policy for cryptocurrencies across six key priorities:
- consumer and investor protection;
- financial stability;
- illicit finance;
- US leadership in the global financial system and economic competitiveness;
- financial inclusion;
- responsible innovation.
Specifically, the White House required the Department of the Treasury and other federal agencies to develop policy recommendations to "address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth."
According to reports, the authorities might bring a "significant shift in policy in 180 days." As iHodl earlier reported, Federal Reserve Chairman, Jerome Powell, called on the US authorities to pay more attention to cryptocurrency regulations. Powell particularly noted that recent events in Ukraine emphasize a need to prevent sanctioned individuals and companies from using cryptocurrency to fight sanctions pressure.
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