Bidens Executive Order
Market Meditations | March 10, 2022
A few days ago we hinted that further regulation of digital assets is on its way. The Executive Order has arrived with 10 key sections outlined. We strongly suggest that you check it out here but if you don’t have time, here is what you need to know:
- The Executive Order’s key objective is to “ensure that safeguards are in place and to promote the responsible development of digital assets to protect consumers, investors and businesses”.
- The Order highlights that crypto can be used for illicit finance and that “regulation, oversight, law enforcement action or use of other United States government authorities” will be used to combat this. This could suggest that tighter KYC action will be required, at least in the US.
- Biden does make it clear that the US wants to use the technology to expand equitable access to finance especially for the Americans who are currently underserved.
The Order has mandated the treasury department to publish a report on the future of money and the problems of the traditional financial system.