by Martin Armstrong
WASHINGTON – U.S. Secretary of the Treasury Janet L. Yellen launched the next assertion on President Biden’s government order on digital belongings.
“President Biden’s historic government order requires a coordinated and complete strategy to digital asset coverage. This strategy will assist accountable innovation that might lead to substantial advantages for the nation, shoppers, and companies. It should additionally deal with dangers associated to illicit finance, defending shoppers and buyers, and stopping threats to the monetary system and broader financial system.
Underneath the manager order, Treasury will associate with interagency colleagues to supply a report on the way forward for cash and fee techniques. We’ll additionally convene the Monetary Stability Oversight Council to guage the potential monetary stability dangers of digital belongings and assess whether or not acceptable safeguards are in place. And, as a result of the questions raised by digital belongings usually have necessary cross-border dimensions, we’ll work with our worldwide companions to advertise strong requirements and a degree taking part in area.
This work will complement ongoing efforts by Treasury. Already, the Division has labored with the President’s Working Group on Monetary Markets, the FDIC, and OCC to check one specific sort of digital asset – stablecoins– and to make suggestions. Underneath the manager order, Treasury and interagency companions will construct upon the lately printed Nationwide Danger Assessments, which establish key illicit financing dangers related to digital belongings.
As we tackle this necessary work, we’ll be guided by shopper and investor safety teams, market individuals, and different main specialists. Treasury will work to advertise a fairer, extra inclusive, and extra environment friendly monetary system, whereas constructing on our ongoing work to counter illicit finance, and stop dangers to monetary stability and nationwide safety.”