Treasury’s statement was published a day early and has now been withdrawn from the site, but not before specifics of Secretary Yellen’s response to President Biden’s imminent directive were included.
Treasury Secretary Janet Yellen’s remark on President Joe Biden’s executive order on digital assets called for steps to foster innovation while addressing business risks.
Yellen’s remark was issued a day early, seemingly by mistake, and was promptly withdrawn, but was archived on a website. It provides early information about President Biden’s upcoming executive action. The directive would need a “coordinated and comprehensive approach to the policy of digital assets.”
According to Yellen’s comments, the presidential order might result in “significant advantages for the country, consumers, and companies.”
“It will also address risks associated with illegal money, therefore safeguarding consumers and investors and averting dangers to the financial system and wider economy.”
Yellen also discussed the Treasury Department’s next steps in gaining a better understanding of digital assets and how to regulate them within the framework of the presidential order.
Since January, President Biden’s White House has been working on an executive order addressing digital assets. According to an anonymous source, the move would assist “provide coherence to the government’s efforts in this domain.”
Other agencies will join with the Treasury to develop a report “on the future of money and payment systems” to aid in its efforts. This will be accomplished with the assistance of international actors to “create rigorous standards and a fair playing field.”
Additionally, Treasury will convene the Financial Stability Oversight Council to examine the existence of “adequate protections.” These initiatives will complement the current collaboration between Yellen’s department and the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) on stablecoins.
According to the statement, the executive order would have worldwide consequences because “we will engage with our foreign allies to support tough standards and a fair playing field.”
Additionally, Yellen said that Treasury would continue to collaborate with investor protection organisations and other professionals, adding that:
“The Treasury will endeavour to advance a more equitable, inclusive, and efficient financial system, building on our existing efforts to combat illicit money and avert threats to financial stability and national security.”
Thus far, notable members of the crypto world have had a mixed response. Evan Van Ness, founder of Week In Ethereum, described the speech as a “nothingburger of a statement.”
However, Altered State Machine (ASM) creator Aaron McDonald had a more sombre reaction to the announcement. He tweeted that Yellen’s comments demonstrate her want to “Ensure we retain the most lethal weapon in our arsenal.” USD as the worldwide settlement currency.”
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