The Executive Order on Ensuring Responsible Development of Digital Assets was signed by President Joe Biden today.
This Executive Order is the first to take a “whole-of-government” approach to regulate the cryptocurrency business, with the goal of addressing a variety of challenges in the area, including consumer protection, illicit finance, financial inclusion, and “responsible development.”
The measures announced Wednesday will focus on six key areas:
- Consumer and investor protection
- Financial stability
- Illicit activity
- U.S. competitiveness on a global stage
- Financial inclusion
- Responsible innovation
Protecting consumers is an important part of the directive. There have been countless stories of investors falling for crypto scams, or losing huge sums of money through cyberattacks on exchanges or users themselves.
FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Innovation in Digital Assets | The White House
Crypto coverage on CNBC
President Biden will sign the Executive Order today.