President Joe Biden is signing an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should create its own digital currency
The executive order has been widely anticipated by the finance industry, crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West.
Treasury Secretary Janet Yellen said last week that “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions” and that the industry is not"completely one where things can be evaded.” Athletes like Odell Beckham Jr. in the NFL and politicians like Mayor Eric Adams in New York City have pledged to collect some of their paychecks in cryptocurrency this year. CNBC's Sharon Epperson explains.
“I think crypto is a place where we should be putting the brakes on this innovation until it’s better understood,” she said. “As crypto becomes more integrated into our financial system it creates vulnerabilities not just to those who are investing in crypto but for everybody who participates in our economy.”
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President Biden to issue cryptocurrency executive order: AP sourcesPresident Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.
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President Biden to issue cryptocurrency executive order: AP sourcesPresident Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.
Read more »