President Biden Orders Study of Cryptocurrency

President Biden signed an executive order yesterday that will establish the first-ever federal strategy on cryptocurrencies. According to sources, the order aims to ‘encourage innovation but mitigate the risks to consumers, investors and businesses, broader financial stability and the environment’. It will also explore digital currency operated by the U.S. Central Bank. The order centers around several priorities including consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation. According to the White House, 16% of Americans have invested in, traded or used cryptocurrencies.