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.
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