President Orders Study of Cryptocurrency Risk

Wants consideration of creating a U.S. digital currency. 

President Biden signed an executive order last week instructing agencies across the federal government to study the possible risks presented by the rise in popularity of cryptocurrencies, and to consider the creation of a digital currency for the U.S. The order focuses on six key issues: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion, and responsible innovation.  

Regardless of which way a U.S. cryptocurrency falls, the president has set the stage for federal regulation of the currency and digital asset markets as the president has called on the Treasury Department to assess and develop policy recommendations on crypto. He also wants regulators to “ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.” 

As the Lord Leads, Pray with Us…

  • For wisdom for Treasury Secretary Yellen as she oversees policy development on cryptocurrency.
  • For the president and his fiscal advisors as a national cryptocurrency is considered.
  • For U.S. officials to be discerning in the regulations that are set for cryptocurrency.

Sources: CNBC, The Hill, Washington Post


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