Biden’s Executive Order on Digital Currencies

Last week Joe Biden signed the long-awaited executive order on “Ensuring Responsible Development of Digital Assets.” You can read the whole enchilada here: 

Or you can read the brief here: 

Interestingly they point out that 16% of the US adult population (about 40 million) are involved with cryptocurrencies. The Executive Order provides a timeline for agencies to come up with input and reports on crytocurrencies related to investor protection, national security, international cooperation, and in directing the treasury to publish a study on the “Future of Money”. The agencies are asked to analyze how the US government could issue a CBDC (Central Bank Digital Currency) if they determine that is in their best interest. 

It seems that they are just getting started on this effort and they are looking for ideas on how to handle cryptocurrencies and how they can make it part of their existing racket. I wonder how many Federal Reserve Notes (FRNs) tax payers will have to fork over for the “Future of Money” report? Seems like such a waste as the horse has already left the barn in that regard and they weren’t consulted.  

Leave a Comment