Treasury Secretary Janet Yellen has said that a presidential executive order on cryptocurrencies will give impetus to responsible innovation. It is because it coordinates with the US policy across various agencies.
The secretary, in a press release dated March 9 but issued on March 8, said the agency’s work under the executive order “would complement” its existing and ongoing efforts.
The executive order is widely expected to be signed by US President Joe Biden on Wednesday, according to multiple reports.
“Under the executive order, Treasury will collaborate with other agencies to produce a report on the future of money and payment systems,” Yellen added. “we’ll work with our international partners to promote strong standards and a level playing field because the issues raised by digital assets frequently have global ramifications.”
Janet Yellen, said the agency would continue its work with the Financial Stability Oversight Council (FSOC), which met last year to discuss stable coins.
The alliance published a report in December 2017 that identified cryptocurrencies and decentralized finance as two potential threats to U.S. financial stability.
The Treasury Department has also overseen a number of other initiatives to discuss crypto regulations, including a President’s Working Group for Financial Markets report on stable coins.
The report was released last year and urged Congress to give federal bank regulators special regulatory oversight of the stable coin market.