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US Treasury Secretary Janet Yellen said the presidential executive order on cryptocurrencies will “support responsible innovation” and coordinate work across agencies.
Yellen said the department’s work under the executive order will complement its ongoing efforts. The document is due to be signed by US President Joe Biden today, March 9.
Under the executive order, the Treasury Department will work with interagency counterparts to prepare a report on the future of money and payment systems, Yellen said.
Issues raised in relation to digital assets often have important cross-border aspects, and we will work with our international partners to promote robust standards and a level playing field.
The official said the department will continue its work with the Financial Stability Oversight Board, which convened last year to discuss stablecoins. In December 2021, the group published a paper identifying stablecoins and decentralized finance as two risk areas for US financial stability.
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