STATEMENT: Today’s Executive Order Recognizes Regulators’ Existing Authority Over Digital Assets

Washington, D.C. — Today, President Joe Biden is signing the first-ever executive order to regulate digital assets and their underlying technology. In response, Todd Phillips, director, Financial Regulatory and Corporate Governance at the Center for American Progress released the following statement:

President Biden appropriately recognizes that regulators have existing statutory authority to begin addressing the investor, consumer, and systemic risks, as well as the illicit finance and national security risks, associated with crypto assets. This all-of-government approach is an important step toward ensuring that crypto markets don’t go unregulated. Now, agencies must put their statutory authorities to use, and Congress must provide adequate funding to guarantee effective oversight of the market.

Related resources: 

• “Congress may be getting it wrong: Crypto should be regulated just like other financial assets” by Todd Phillips and Alexandra Thornton (MarketWatch)
• “Congress Must Not Provide Statutory Carveouts for Crypto Assets” by Todd Philips and Alexandra Thornton
• “The SEC’s Regulatory Role in the Digital Asset Markets” by Todd Phillips

For more information on this topic or to speak to an expert, contact Julia Cusick at [email protected].