The Biden administration is tackling cryptocurrency and blockchain with a new executive order meant to promote future innovation in the industry while minimizing the financial …
The Biden administration is tackling cryptocurrency and blockchain with a new executive order meant to promote future innovation in the industry while minimizing the financial risks to Americans and the global financial system. The order, which President Joe Biden is expected to sign Wednesday, will hasten the research and possible creation of the Federal Reserve’s own digital currency, pushes for greater support for innovation in blockchain technology and works to ensure the new systems won’t increase inequality or financial swings. Agencies like the Commerce, State and Treasury departments, as well as the Federal Reserve, have been working with or researching cryptocurrencies and blockchain technologies for years. The latest executive order, developed in conversations with major industry players, is bringing in the entire administration to the effort. The administration’s executive order is the most significant intervention the federal government has taken into cryptocurrency and blockchain technology so far.
