Biden Signs Crypto Executive Order

✍️ President Biden signed an executive order yesterday calling on the federal government to examine the risks and benefits of crypto, as well as the potential creation of a US digital dollar – and then report back their findings in two to four months.

• The order focuses on six key areas for crypto: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion and responsible innovation.
• The Treasury Department is already examining the pros and cons of a digital US dollar; Biden’s measure calls on the DOJ to investigate whether Congress would need to sign-off on its creation.
• The topic of stablecoins was notably absent from the order, though Treasury Secretary Janet Yellen has made clear she wants to see Congress introduce regulation for the sector.
• The price of bitcoin rose 8% yesterday, though much of that gain came before the formal announcement (but after the Treasury Department accidentally published a statement reacting to the order).

🇺🇸 The big picture: Roughly 40 million Americans have invested in crypto, according to a White House fact sheet. But that's not without its risks – crypto scammers hauled in a record $14 billion last year, a 79% increase from 2020.

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