The statement of the Treasury basically came just a day early and was promptly removed from the particular website. However, the details of the plan that Secretary Yellen has in response to the forthcoming crypto order of President Biden were revealed. According to crypto breaking news today, a statement released by Treasury Secretary Janet Yellen sheds light on the digital asset space in America.
A particular statement that was made by the Treasury Secretary of the United States Janet Yellen on the executive order of President Biden was revealed. The executive order of President Biden was supposed to be on digital assets.
President Biden wanted to address the efforts of people to support the innovation in the country due to the digital assets while also addressing the major risks that might come forth in this industry.
The statement made by Secretary Yellen was released just one day earlier than it was supposed to be. This could have been due to some sort of error in the system and the statement was rapidly deleted from the website. However, a web archive managed to capture the statement.
The post included some important insights regarding the details of President Biden’s executive order that was soon to be released. According to the order, there shall be a call for a comprehensive and coordinated approach towards the policies of digital assets.
The statement of Yellen mentioned that with this executive order, the entire nation, the businesses, as well as the consumers would have substantial benefits.
“It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.” According to the statement.
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Official Statement By Secretary Reveals Important Details
Apart from that, Yellen also managed to properly outline all the next steps for the process. These steps will be taken by the Department of Treasury in order to have a proper understanding of the digital assets. Also, some measures might be taken in the future to regulate digital assets within certain important parameters that would be set by the executive order.
President Biden’s White House has been working on an executive order related to digital assets since Jan. which an unnamed source told Barron’s said will help “give coherency to what the government is trying to do in this space.”
To assist the Treasury in its efforts, other agencies will collaborate to create a report “on the future of money and payment systems.” This will be done with input from international actors in order to “promote robust standards and a level playing field.”
Treasury will also convene the Financial Stability Oversight Council to determine if “appropriate safeguards” exist. These efforts will be added to the ongoing work that Yellen said her department has already undertaken with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) regarding stablecoins.
The statement suggested that the executive order will have global implications, as “we will work with our international partners to promote robust standards and a level playing field”
Yellen also said that Treasury will continue to work with investor protection groups and various experts, 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.”
According to crypto breaking news today, the members of the crypto community have provided mixed reactions to this particular event. Founder of Week In Ethereum Evan Van Ness called the statement a “nothing burger of a statement.”
But Altered State Machine (ASM) founder Aaron McDonald shared somewhat more grave feelings about the statement. He tweeted that Yellen’s sentiments show she is looking for a way to “Make sure we maintain the most powerful weapon in our military. USD as global settlement.”
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