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Janet Yellen reveals details of Biden's exec order on crypto

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The Treasury Department's declaration was posted a day earlier and has now been withdrawn from the site, but not earlier the details of Secretary Yellen's reply to President Biden's upcoming order were disclosed.

President Joe Biden's executive directive on digital assets, as per U.S. Treasury Secretary Janet Yellen, asks for measures to foster development while managing risk in the sector.

Yellen's remark was accidentally published a day earlier and immediately removed, although it was saved in an internet archive. It provides early details on President Biden's executive order, which is expected to be announced soon. "A coordinated and comprehensive approach to digital asset policy" will be required under the order.

The executive order could "result in substantial benefits for the nation, consumers, and businesses," according to Yellen's statement.

"It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and the broader economy," says the report.

Yellen also highlighted the Treasury Department's next actions in understanding digital assets and how to manage them within the executive order's boundaries.

Since January, President Biden's White House has been researching an executive order linked to digital assets, which will assist "give coherency to what the government is trying to do in this space," according to an unknown source.

Several agencies will cooperate to prepare a report "on the future of money and payment systems" to help the Treasury in its attempts. To "promote robust standards and a level playing field," it will be performed with participation from international actors.

Treasury will also call a meeting of the Financial Stability Oversight Council to evaluate if "adequate safeguards" are in effect. These efforts will be included to work on stablecoins that Yellen stated her department is doing with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).

According to the statement, the executive order will have worldwide repercussions since it will establish  as "we wilwork with our international partners to promote robust standards and a level playing field."

Treasury will seek to collaborate with investor safety groups and other professionals, according to Yellen, and that:

“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."

So far, leading figures in the crypto sector have had conflicting reactions. Evan Van Ness, the founder of Week In Ethereum, termed the statement a "nothingburger of a statement."

Aaron McDonald, the founder of Altered State Machine (ASM), had a more serious reaction to the announcement. He said Yellen's words indicate she is trying to find a way to “make sure we maintain the most powerful weapon in our military. USD as global settlement.”

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