NEW: USTreasury Secretary Janet Yellen said JoeBiden's executive order on crypto will address illicit finance but support innovation as it coordinates agency work on crypto. nikhileshde reports.
"Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems," Yellen said."... because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
Yellen said the department would also continue its work with the Financial Stability Oversight Council, which convened last year to discuss stablecoins. The group published a report identifying stablecoins and decentralized finance as two risk areas for U.S. financial stability last December. The Treasury Department has overseen a number of other efforts to discuss crypto regulations, most notably a President's Working Group for Financial Markets report on stablecoins. The report was published last year and asked Congress to pass legislation giving federal bank regulators explicit oversight jurisdiction for the stablecoin sector.The Treasury Department took down the press release shortly after publishing it.
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