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March 9, 2022 04:12 pm

Biden Orders Study of Cryptocurrency Risk, Creation of US Digital Currency

President Biden signed an executive order on Wednesday instructing agencies across the federal government to study the possible risks presented by the explosion in popularity of cryptocurrencies and consider the creation of a U.S. digital currency. From a report: The executive order urges federal regulators to review the risks a roughly $1.75 trillion crypto market presents to consumers, investors and the broader economy. Federal agencies will have several months to prepare a report with their findings, which would then inform any new regulatory actions the White House takes. About 16% of adult Americans, or roughly 40 million people, have invested in, traded or used cryptocurrencies, according to a White House fact sheet. That growing prevalence of digital assets, which include volatile cryptocurrencies like bitcoin and so-called stablecoins pegged to assets like the U.S. dollar, has pushed the Biden administration to centralize its work on the topic. White House officials have been working with the crypto industry and experts for several months to prepare the executive order. "We must take strong steps to reduce the risks that digital assets could pose to consumers, investors, and business protections," Mr. Biden said in the order, adding that the White House will monitor cryptocurrencies' impact on financial stability, nationals security and climate change.

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