The U.S. Government is finally set to get into the cryptocurrency game. President Biden recently signed an executive order that according to the Washington Post, will be “a sweeping review of the government’s approach to cryptocurrencies, aiming to secure the nation’s position as a leader in the rapidly growing industry while containing risks to consumers and the financial system itself.”
The opening to the executive order states, “Advances in digital and distributed ledger technology for financial services have led to dramatic growth in markets for digital assets, with profound implications for the protection of consumers, investors, and businesses, including data privacy and security; financial stability and systemic risk; crime; national security; the ability to exercise human rights; financial inclusion and equity; and energy demand and climate change.”
Any regulations that come to being as a result of the review will help to bring some order to digital assets that now value roughly $1.85 trillion.
Security Community Supportive
A statement released by NEC Director Brian Deese and National Security Advisor Jake Sullivan stated, “Today President Biden signed an Executive Order (E.O.) to establish the first-ever comprehensive federal digital assets strategy for the United States. The E.O. will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness.”
The executive order also places priority on research and development of a U.S. central bank digital currency, something that many other countries, including Russia and China, are already working on.
With the ever-increasing popularity of digital currencies, it makes sense for the U.S. to begin looking into how to make the practice of digital currency more secure.