Market Analysis Report (09 Mar 2022)

An issued statement on the White House’s long-awaited crypto executive order, from U.S. Treasury Secretary Janet Yellen, that has since been taken down, stated that “Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.”

The statement adds that this approach will “support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.” It also mentions that it will address risks related to illicit finance, consumer and investor protections, and threats to the financial system and the broader economy.

The Treasury Department is set to partner with “interagency colleagues to produce a report on the future of money and payment systems” and to “convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place:”

Yellen’s statement concludes that the work will be guided by consumer and investor protection groups as well as market participants and leading experts. The Treasury Department, it says, will promote a fairer, more inclusive, and more efficient financial system.