President Joe Biden signed an executive order this morning to mobilize the federal government to create a strategy for digital assets like crypto. The goal of the executive order is to promote innovation in the industry while minimizing risks to Americans and the global financial system. Most notably, the order directs the Federal Reserve to research and potentially develop its own digital dollar.
The order directs the Treasury Department to develop guidelines for Americans trading and using cryptocurrency that aims to help them avoid fraud or market volatility.
The measures focus on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
Jeremy Allaire, CEO of crypto firm Circle, thinks that “This is a watershed moment for crypto, digital assets, and Web 3, akin to the 1996/1997 whole of government wakeup to the commercial internet.”
What are your thoughts on today's historic legislative initiative?
