U.S. President Joe Biden signed an executive order on cryptocurrency On 9th March 2022.
About the executive order
The executive order called onU.S. federal agencies to examine the risks and benefits of cryptocurrencies. The order also mentioned the need for a unified approach to regulation and oversight of digital assets.
The measures announced in the executive order concentrated on six key areas
- Consumer protection
- Financial stability
- Illicit activity
- S. competitiveness
- Financial inclusion
- Responsible innovation.
Protection of consumers
The executive order laid great emphasis on protecting the consumers in the wake of numerous crypto scams,cyber-attacks, etc. Gullible investors are being exploited by crypto scammers. Therefore, there’s a need to ensure adequate oversight against any systemic financial risks posed by digital assets.
Effectively tackling lawless activities in the crypto space is another key focus area in the executive order. President Joe Biden called for coordinated action from federal agencies in preventing lawless financial activities and national security pitfalls posed by cryptocurrencies. President also prompted collaborations at the international level to curb illicit activities in the crypto space.
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