The Biden‐Cryptocurrency Reports: Implications for Consumers, Investors, and Businesses
The reports mandated by President Biden’s March executive order are here and seek to offer a comprehensive framework for the responsible development of digital assets (commonly known as cryptocurrencies). As noted early after the release, however, many of the items were left to be determined. But that doesn’t mean that the reports should be ignored. This series of blog posts will tease out some of the subtler points from each of the reports released on Friday. The third report, “Implications for Consumers, Investors, and Businesses,” came from the U.S. Department of the Treasury. The Treasury was tasked with identifying how cryptocurrencies could impact financial markets, payment infrastructure, and economic growth in the United States, as well as making policy recommendations to protect Americans and support expanding access to safe financial services. (Section 5(b)(i) of Executive Order 14067). To that end, the report offered the following three high‐level recommendations to regulators and law enforcement:
- Monitor the cryptocurrency market for unlawful activity, investigate wrongdoing, and enforce consumer, investor, and market protection laws.
- Publish supervisory guidance and rules.
- Ensure the public has access to trustworthy information on cryptocurrency.