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The Morning After: President Biden tackles cryptocurrency

It's a start.
US President Joe Biden speaks about how the Bipartisan Infrastructure Law will rebuild the US and the progress made since he signed the bill into law, in the South Court Auditorium of the White House in Washington, DC, on January 14, 2022.
BRENDAN SMIALOWSKI/AFP via Getty Images
Mat Smith
Mat Smith|@thatmatsmith|March 10, 2022 7:15 AM

He’s a little late to the party, but President Biden has detailed the country's first "whole-of-government" strategy for exploring cryptocurrency and other digital assets. Officials at multiple bureaus will explore the risks and potential advantages of crypto.

US regulators have been chasing improved legal clarity on crypto since last year. The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) previously shared a roadmap focused on the legal status of stablecoin releases and crypto being logged on company balance sheets.

According to Biden’s executive order, the Treasury Department will recommend policies to protect people and businesses, as well as regulations to protect against "systemic financial risks." The most intriguing part of the order may be the possibility of a central bank-backed digital currency. It’s still early days for now.

— Mat Smith

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The Morning After: President Biden tackles cryptocurrency