Treasury Secretary Janet Yellen said in a statement late Tuesday that a presidential executive order on cryptocurrencies would “support responsible innovation” by coordinating U.S. policy across agencies.
Yellen said the department’s work in response to the executive order would “complement” its ongoing and existing efforts in a press release dated March 9 but published on March 8. President Joe Biden is widely expected to sign the executive order on Wednesday.
Treasury will collaborate with interagency colleagues to produce a report on the future of money and payment systems, according to the executive order, Yellen said. “Because the issues raised by digital assets frequently have significant cross-border implications, we’ll collaborate with our international partners to promote strong standards and a level playing field.”
Yellen also stated that the Department of the Treasury would continue to collaborate with the Financial Stability Oversight Council, which met last year to discuss stable coins. Last December, the group released a report that identified stable coins and decentralized finance as two risk areas for US financial stability.
Other efforts to discuss crypto regulations have been overseen by the Treasury Department, including a report on stable coins by the President’s Working Group for Financial Markets. Last year, the report requested that Congress pass legislation giving federal bank regulators explicit oversight authority over the stable coin sector.