Skip to main content
  • The order established six key priorities for the Biden administration’s approach to crypto regulation, which includes consumer protection and preventing illicit uses.
  • Federal agencies were directed to better communicate their efforts in the digital asset sector, but no specific strategies were stated.
  • The executive order also directs the U.S. Treasury Department to write a report regarding the future of money and payment systems.

On Wednesday, President Biden signed the first executive order on cryptocurrency. The White House released a briefing on the policy and objectives of the order.

The order established six key priorities for the Biden administration’s approach to crypto regulation, which includes consumer protection, preventing illicit uses, promoting responsible innovation, and protecting U.S. interests and global financial stability. The executive order also directs various federal agencies to better communicate their efforts in the digital asset sector, but doesn’t state any specific strategies.

According to CoinDesk, a senior administration official told reporters that the growth of the cryptocurrency sector could threaten the U.S. financial system, national security, or business stability, explaining that crypto can be used by criminals to launder funds or evade sanctions.

Scroll to Continue

Recommended for You

“At the same time, however, digital assets can also provide opportunities for American innovation and competitiveness and promote financial inclusion,” the official stated. “Innovation is central to America's story and our economy, generating jobs and opportunities, creating and building new industries, and sustaining our global competitive edge and leadership.”

The executive order also directs the U.S. Treasury Department to write a report regarding the future of money and payment systems, which will analyze the impact of crypto on financial inclusion, national security, economic and financial growth, and “the extent to which technological innovation may influence the future.”