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Biden Orders Sweeping Cryptocurrency Review

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President Biden discussing the importance of passing competitiveness legislation like the Bipartisan Innovation Act to lower prices for working families at the White House on March 9.

Credit: Demetrius Freeman/The Washington Post

President Biden signed an executive order Wednesday for a sweeping review of the government's approach to cryptocurrencies, aiming to secure the nation's position as a leader in the rapidly growing industry while containing risks to consumers and the financial system itself.

Ultimately, some structure could be imposed on what has been a fractured regulatory response to the rise of digital assets in a global market now valued at roughly $1.85 trillion.

"Fundamentally, an American approach to digital assets is one that encourages innovation but mitigates the risks to consumers, investors, and businesses, broader financial stability, and the environment," National Economic Council Director Brian Deese and national security adviser Jake Sullivan said in a statement.

From The Washington Post
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