Us government bitcoin
As part of this effort, Biden has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream , including its role in money laundering and terrorist groups. The Treasury Department will come up with ideas for ways to protect investors and consumers from the financial risks that come with crypto, which can be more volatile than other types of assets.
The Financial Stability Oversight Council, a government organization that studies the US financial system, will evaluate what kind of threat crypto poses to the overall economy. Meanwhile, the attorney general, the Secretary of the Treasury, and the Department of Homeland Security will come up with a national strategy to combat crimes facilitated with cryptocurrency. Biden has also ordered the federal government to analyze what impact crypto — which requires an enormous amount of energy to produce — might have on the climate.
But the White House seems to think crypto could do some good, too. The Commerce Department will investigate how cryptocurrencies might boost US competitiveness in the global economy. The order also directs the government to support technological advances that would jumpstart the use of crypto and digital assets with privacy and security in mind. Biden even encouraged the government to continue studying a proposal to create a digital currency of its own.
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.
The action comes as lawmakers and administration officials are increasingly voicing concern that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industry due to the invasion of Ukraine. Last week, Democratic Sens. Elizabeth Warren, Mark Warner, and Jack Reed asked the Treasury Department to provide information on how it intends to inhibit cryptocurrency use for sanctions evasion.
Despite the risks, the government said, surveys show that roughly 16 percent of adult Americans — or 40 million people — have invested in cryptocurrencies. And 43 percent of men age have put their money into cryptocurrency. Coinbase Global Inc. Some participants in digital currency welcome the idea of more government involvement with crypto.
