The White House releases its first-ever cryptocurrency report

A few months after the signing of Joe Biden’s executive order on cryptocurrencies, the White House has just revealed, on its official website, his comprehensive understanding of digital assets.

White House Stance on Cryptocurrencies: Players in the crypto space were watching the verdict from the Oval Office carefully, as it could play a decisive role in the future of the sector. If already in March, the latter were rather relieved by the positive tone of the Executive Order of Joe Bidenthis very first official statement from the White House on cryptocurrencies should reassure them further.

In summary, the communicated synthesizes the contents of 9 reports submitted by various stakeholders in government, industry, academia and civil society to the White House, following its solicitations of executives and policy recommendations on the points following: consumer and investor protection, promoting financial stability, combating illicit financing, U.S. leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovatione.

Highlights of the White House statement

When it comes to consumer protection, the Biden-Harris administration encourages federal agencies Securities and Exchange Commission (DRY) and Commodity Futures Trading Commission (CFTC) of “ aggressively pursue investigations and enforcement actions against illegal practices in the digital asset space. “. She also clarified that the Financial Literacy Education Commission (FLEC) “ conduct public awareness actions to help consumers understand the risks associated with digital assets. »

By specifying that it would have nearly 24 million Americans still using non-banking services to carry out their daily transactions, the White House recognizes the importance of digital assets as an alternative to facilitate financial inclusion.

Thus, she said: The Treasury Department and financial regulators are encouraged to provide, as appropriate, innovative U.S. companies developing new financial technologies with regulatory advice, sharing of best practices, and technical assistance through activities such as “tech sprints” and “Innovation Hours ”.”

The last section was reserved for digital dollar. The Biden administration recognizes the benefits of a central bank digital currency and encourages the Federal Reserve’s research and experimentation efforts in this area. Thereby :

“Leaders from the Federal Reserve, National Economic Council, National Security Council, Office of Science and Technology Policy, and Treasury Department will meet regularly to discuss the task force’s progress and share updates. on CDBC and other payments innovations. »

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