Thread by @CoinDesk

U.S. President Joe Biden signed a long-awaited, first-of-its-kind executive order on cryptocurrencies on Wednesday.

Here’s what you need to know 🧵 coindesk.com/policy/2022/03…

Biden's executive order defines six “key priorities” for the administration:
• protecting U.S. consumers
• protecting global financial stability
• preventing illicit uses
• promoting “responsible innovation”
• financial inclusion
• U.S. leadership
coindesk.com/policy/2022/03…

The executive order directs federal agencies to better communicate their work in the digital asset sector.

But it doesn’t lay out specific positions the administration wants the agencies to adopt.
coindesk.com/policy/2022/03…

Part of Biden's crypto executive order directs the U.S. Treasury Department to draft a report on “the future of money and payment systems.”
coindesk.com/policy/2022/03…

The interagency crypto report will analyze cryptocurrencies’ impact on economic and financial growth, financial inclusion, national security and “the extent to which technological innovation may influence that future.”
coindesk.com/policy/2022/03…

The executive order also asks agencies to evaluate how the U.S. could issue a central bank digital currency, “should issuance be deemed in the national interest.”
coindesk.com/policy/2022/03…

Roughly 40 million Americans, or 16% of the total U.S. population, have reportedly invested in or are trading in cryptocurrencies, according to a Biden administration official.
coindesk.com/policy/2022/03…

Because the executive order does not impose new regulations on the crypto sector, it has been seen as a positive for bulls.

A Treasury Department statement about the order was accidentally published overnight. It helped contribute to a 10% jump in BTC.
coindesk.com/markets/2022/0…

What questions do you have about Biden’s executive order on crypto?

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