U.S. President Joe Biden finally signs the new crypto regulating executive order. This new law appeared after the officials became concerned that Russians would use digital coins to evade sanctions against them.
Now, the American leader finally approved the suggested crypto regulating law that specifically requires all crypto transactions to be examined by government officials.
They will do this so that the risks and benefits offered by the rising digital coins will be thoroughly checked.
Biden Signs Crypto Regulating Executive Order
According to CNBC's latest report, Biden signed the new executive order on Wednesday, Mar. 9. At first, some rumors claimed that the new directive will be delayed because of a divide between Treasury Secretary Janet Yellen and the White House officials.
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However, that didn't happen since Biden approved the new law right away. Thanks to this, federal agencies are now required to regulate cryptocurrency transactions in the U.S.
They need to do this in a unified approach so that they can ensure that the goals of the new executive order will be achieved.
The White House's official press release provided all the goals of the new crypto regulating executive order:
- Protect the U.S. and Global Financial Stability and Mitigate Systemic Risk
- Protect U.S. Consumers, Investors, and Businesses
- Support Technological Advances and Ensure Responsible Development and Use of Digital Assets
- Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets
- Promote Equitable Access to Safe and Affordable Financial Services
- Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System
U.S. Dollar's Digital Version Now Considered
Aside from the mentioned goals, the new crypto regulating directive also aims to explore the digital version of the U.S. dollar.
Now, the Biden administration wants to make the research and development for the United States Central Bank Digital Currency (CBDC) a priority.
"The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans' interests," said the White House officials.
In other news, a new law requiring Russian crypto investors to take exams was recently proposed. Meanwhile, the new crypto Web3 movement is now attracting more tech employees to leave their tech firms.
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Related Article: Biden Administration To Regulate Crypto Transaction in the U.S.? Here's Why a New Executive Order Might Be Approved
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Written by: Griffin Davis
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