Report on Money Under Biden Crypto Executive Order

A presidential executive order on cryptocurrencies would « support responsible innovation » as it coordinates U.S. policy across agencies, Treasury Secretary Janet Yellen said late Tuesday in a statement.

In a press release dated March 9 but published on March 8, Yellen said the department’s work in line with the executive order would « complement » its ongoing and existing efforts. The executive order is widely expected to be signed by U.S. President Joe Biden on Wednesday.

« Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems, » Yellen said. « … because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

The Treasury Department has overseen a number of other efforts to discuss crypto regulations, most notably a President’s Working Group for Financial Markets report on stablecoins. The report was published last year and asked Congress to pass legislation giving federal bank regulators explicit oversight jurisdiction for the stablecoin sector.