Alexandra C. Scheibe, Joseph B. Evans, and Rachel Rosen, of McDermott, Will & Emery, have made available for download their article, “The Cryptocurrency Industry Breaths a Sigh of Relief Following President Biden’s Executive Order.” The abstract is as follows:
On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry from those who feared a major blow from the White House.
The Executive Order on Ensuring Responsible Development of Digital Assets (the Order) is referred to as the “first-ever, whole-of-government approach” to the cryptocurrency industry. It lays out a national policy across six key priorities:
1) Promote US competitiveness within the global cryptocurrency market
2) Protect consumers and investors
3) Promote financial stability
4) Combat illicit finance
5) Promote financial inclusion
6) Promote responsible innovation.
In addition to the priorities listed above, the Order also calls for the exploration of a US Central Bank Digital Currency (CBDC).
The Order was issued for the stated purpose of “addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
To see the full article, click: “The Cryptocurrency Industry Breaths a Sigh of Relief Following President Biden’s Executive Order”.
Posted by Mallory Wentz, Associate Editor, Wealth Strategies Journal.