US Treasury Secretary Janet Yellen has issued a statement detailing how her agency would carry out the requirements of US President Joe Biden’s long-awaited executive order.
The statement, which was released late Tuesday and then taken down from the department’s website, said: “Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.”
“This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses,” Yellen continued. “It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
According to what Yellen revealed, the Treasury Department “will partner with interagency colleagues to produce a report on the future of money and payment systems.” Treasury will also “convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place” and “work with our international partners to promote robust standards and a level playing field” given the global nature of the industry.
“This work will complement ongoing efforts by Treasury,” Yellen continued.
“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts,” Yellen’s statement concluded. “Treasury will work to promote a fairer, more inclusive, and more efficient financial system while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”
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