A recent statement on the U.S. Treasury's website allegedly mistakenly posted by U.S. Treasury Secretary Janet Yellen about the Biden administration's new request and adjustments regarding digital assets was quickly deleted after just a few hours of posting. However, the post was quickly saved and shared by netizens.
New effort to call for and address risks
The leaked data shared initial insights into the details of the executive order to be issued by the Biden administration on digital assets. Specifically, the order will call for "a comprehensive and coordinated approach to this particular asset class policy." Yellen said the new executive order could "bring significant benefits to the nation, consumers and businesses."
"It will also address the risks associated with illicit financing, protect consumers and investors, and prevent threats to the financial system and the broader economy."
Preparation in advance and the next steps
The executive order regarding digital assets was imposed by the White House as early as January 2022, and according to an unnamed source, "This change will bring in cash flow from the efforts made in this space."
To assist the Treasury in implementing the new executive order, the relevant agencies and organizations will work together to develop and complete a report "on the future of money and payment systems" to "vigorously promote standards and a level playing field."
Adding to the efforts in these actions, the statement also said the treasury would also ask the Financial Stability Oversight Board to determine that "appropriate safeguards" would actually exist, and Yellen added that her department had done some work as well as an agreement with the General Manager. The Federal Deposit Insurance Company (FDIC) and the Office of the Monetary Control Authority (OCC) relate to stablecoins and will continue to work and exchange further with various groups, investor protection organizations and financial experts to ensure and promote a fairer financial system, more inclusive and effective, while relying on it to combat illicit financing, and to prevent risks to financial stability and national security.
The reaction of influential figures in the crypto world
After the information was spread, a series of influential names in the cryptocurrency community had different reactions.Evan Van Ness, founder of Week In Ethereum, called the statement "a nonsensical statement."
In a more strident tone, Altered State Machine (ASM) founder Aaron McDonald pointed out that the core purpose of yellen's offerings shows that she is just looking for ways to "Make sure that we maintain the most powerful weapon in our military. USD is considered a global payment" and "Surely we will have to pay taxes."
