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3/9/2022 Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Executive Order on Digital Assets | U.S. Dep… Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Executive Order on Digital Assets March 9, 2022 WASHINGTON - U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden's executive order on digital assets. "President Bidenʼs historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy. Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. Weʼll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets o en have important cross-border dimensions, weʼll work with our international partners to promote robust standards and a level playing field. This work will complement ongoing e orts by Treasury. Already, the Department has worked with the Presidentʼs Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets. As we take on this important work, weʼll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more e icient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security." ### https://home.treasury.gov/news/press-releases/jy0644 1/2 3/9/2022 Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Executive Order on Digital Assets | U.S. Dep… https://home.treasury.gov/news/press-releases/jy0644 2/2
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