Biden signs order on cryptocurrency as its use explodes

FILE — President Joe Biden sits in the Oval Office of the White House, on March 4, 2022, in Washington. Biden’s trip on Tuesday to Fort Worth, Texas, is personal. It’s a chance to talk with veterans and their caregivers and push for more help for members of the military who face health problems after exposure to burn pits. (AP Photo/Patrick Semansky, File)

President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.
Treasury Secretary Janet Yellen said the effort would “promote a fairer, more inclusive, and more efficient financial system” while countering illicit finance and preventing risks to financial stability and national security.

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.
Under the executive order, Biden also directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.
Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.