President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
In an executive order and accompanying fact sheet released Wednesday, Biden said the nearly $2 trillion digital asset market is no longer a curiosity but an emerging financial technology that 40 million American adults—16 percent of the population—have used to trade, invest, or pay for goods and services.
