Biden signed the cryptocurrency decree

In a statement made by the White House, it was stated that the decree in question aims to establish the first comprehensive digital asset strategy to protect consumers, ensure financial stability and national security, and address climate risks. Pointing out that digital assets, including cryptocurrency, have grown in recent years, it was noted that the market value, which was at the level of 14 billion dollars 5 years ago, exceeded 3 trillion dollars as of last November. The statement included that surveys show that about 16 percent of adult Americans (about 40 million people) invest, trade or use cryptocurrency.

The decree sets out a national policy with 6 key priorities

While it is noted that central bank digital currencies are being researched or piloted in more than 100 countries. The statement included, "The rise in digital assets creates an opportunity to strengthen American leadership in the global financial system and technology, but also has significant implications for consumer protection, financial stability, national security and climate risk.” It was stated that the said decree set out a national policy for digital assets with 6 basic priorities, and these priorities are consumer and investor protection, financial stability, illegal financing, the leadership of the USA in the global financial system and economic competitiveness, financial participation and responsible innovation. The decree requires the Treasury and Commerce ministries and other key institutions to prepare reports on the future of money and the role cryptocurrency will play.

The Financial Stability Oversight Council will convene

On the other hand, US Treasury Secretary Janet Yellen stated that the decree requires a coordinated and comprehensive approach to digital asset policy. Stating that the Treasury Department will cooperate with institutions to prepare a report on the future of money and payment systems, Yellen stated that the Financial Stability Oversight Council will also meet to evaluate the potential financial stability risks of digital assets and whether appropriate measures have been taken.