"The reports encourage regulators, as they deem appropriate, to scale up investigations into digital asset market misconduct, redouble their enforcement efforts, and strengthen interagency coordination," said national security adviser Jake Sullivan and Brian Deese, director of the National Economic Council, in a statement. In recent years, the Securities and Exchange Commission has brought enforcement actions against crypto companies. 2022.Since President Biden signed an executive order on digital assets in March, Treasury Secretary Janet Yellen has played a key role in the administration's approach to digital assets. “Frequently Asked Questions.” Board of Governors of the Federal Reserve System. "FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets.” The White House, 9 Mar. “Executive Order on Ensuring Responsible Development of Digital Assets.” The White House, 9 Mar. “Central Bank Digital Currency Tracker.” Atlantic Council. "Biden Orders US Dollar Replaced with Trackable 'Spyware' Version." Paradigm Press. "Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency," according to a White House fact sheet on the executive order.Īccording to a tracking tool provided by international policy think tank Atlantic Council, many countries are in various stages of research, testing, piloting, and implementing such currencies. "The Federal Reserve is committed to ensuring the continued safety and availability of cash and is considering a CBDC as a means to expand safe payment options, not to reduce or replace them," the agency said.Īccording to the White House, the move is in response to the rapidly expanding use of cryptocurrencies, with an estimated 16 percent of Americans (about 40 million adults) stating they have used cryptocurrency assets. Federal Reserve stated that the potential issuing of CBDCs would entail the expansion of means of payment, not the elimination of one, namely cash. were to implement a future digital monetary system, it would have to protect the rights of citizens in keeping with, "democratic values, including privacy protections, and that ensures the global financial system has appropriate transparency, connectivity, and platform and architecture interoperability or transferability, as appropriate." Section 4 also specifically states that, hypothetically, if the U.S. Attorney General, for example, is required to report whether and what legislation would be needed to in the event the U.S. financial system of issuing digital government currency (central bank digital currencies, or CBDCs), and report how such a system would be implemented. Section 4 instead instructs various federal government agencies to explore the benefits and risks to the U.S. dollar with digital currency, or takes any of the other drastic, unconstitutional steps listed by the Paradigm Press website. We found no language in Section 4 of the nine-section order that calls for replacing the U.S. leadership in the global financial system and economic competitiveness financial inclusion and responsible innovation. The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection financial stability illicit finance U.S. The order, according to the White House, focuses on six areas: It instead lays out the Biden administration's intent to take a multi-agency government approach to examining the risks and benefits of cryptocurrency. system of government, nor does it "set the stage" for such changes. The executive order in question doesn't make any of those sweeping changes to the U.S. No, they’re thinking much bigger than that… In this new war on freedom, the Dems aren’t coming for your guns. Total control over your bank accounts and purchases…Īnd the ability to silence all dissenting voices for good. Legal government surveillance of all US citizens… …the most treacherous act by a sitting President in the history of our republic. The language in Section 4 makes Order 14067… The Paradigm Press story dramatically asserts that Section 4 of the order basically sets up a dystopian, authoritarian regime by eliminating cash in favor of government-issued digital currency, allegedly authorizing the following: Paradigm Press reported Biden's "order" stemmed from Executive Order 14067, titled, "Ensuring Responsible Development of Digital Assets," signed by Biden on March 9, 2022. "Biden Orders US Dollar Replaced with Trackable 'Spyware' Version," announced a rattling headline from a website called Paradigm Press. President Joe Biden signed an executive order that would replace cash with cryptocurrency, and allow the government to track and control people's finances and spending. In the summer of 2022, some social media users shared posts alleging that U.S.
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