Following President Biden’s signing of an Executive Order on “Ensuring the Responsible Development of Digital Assets” that establishes a Federal government-wide approach to the development of the digital assets industry, Secretary of Commerce Gina M. Raimondo today in Washington proceeded in stressing the needs and benefits of the order.

He said “President Biden has identified a bold and prudent path forward for a whole-of-government approach to encourage responsible innovation in digital assets, including cryptocurrencies, stable coins, and central bank digital currencies. This Executive Order will ensure that our policy on digital assets safeguards our financial system and promotes American leadership.

“Over the last two decades, the market of digital assets and related technologies has evolved into a multi-trillion-dollar global industry. Digital assets have profound implications for the American economy at all levels: for national and state regulators, established businesses and startups, and, above all, individuals. Digital assets and associated technologies could hold significant potential for individual economic empowerment, financial inclusion, and reinforcement of America’s position as a world leader in innovative financial services.

“As is the case for the digital assets market, innovation and growth tend to be accompanied by emerging challenges. As threats to the security and integrity of our financial system scale, the Department remains committed to addressing them and supporting our partners across sectors in their anti-money laundering efforts, countering terrorist and other illicit financing, and combatting other abusive activities. We can and will ensure that our digital assets industry is a global leader while promoting the resilience of the U.S. financial system by working with our industry partners to mitigate risks for the businesses and individuals who rely on it.

He concluded “I particularly welcome President Biden’s direction to engage with industry, civil society, and other interagency partners in developing a framework to promote U.S. economic competitiveness by leveraging digital asset technologies and remain eager to hear what we can do to promote the secure and inclusive development of this growing part of our financial services system.

“As in all industries, America’s innovation is its strength. Working together, we will work to ensure that American businesses remain globally competitive in this space through the responsible development of digital asset technologies.”