Did Biden's executive order on crypto assets leak early? Will support responsible innovation, industry expects regulations similar to those of the internet era.

The Biden administration's executive order expected to be unveiled at 7 p.m. on March 9 may have been leaked early. Media outlet The Block first reported on what appears to be an "early release" of a statement from the U.S. Department of the Treasury. According to the archived webpage, Treasury Secretary Yellen issued the executive order signed by President Biden. The following is the related content:

Collaboration to Launch Digital Asset Policy, Supporting Responsible Innovation

The content indicates that the government will collaborate to introduce a digital asset policy, prioritizing the actual interests of the nation, consumers, and businesses, and supporting responsible innovation. The statement also mentions combating illegal fund flows, protecting consumers and investors, as well as preventing risks to the broader economic and financial system.

Future Currency and Payment System Report to be Released

The U.S. Treasury Department also stated that they will collaborate across agencies to release a report on future currency and payment systems; convening the Financial Stability Oversight Council to review potential financial risks associated with digital assets and assess the need for appropriate safeguards.

International Regulatory Collaboration to Establish Standards

The statement also addresses regulatory challenges posed by the cross-border nature of digital assets and expresses the intent to work with international partners to set standards.

Policy Led by the Treasury Department, Research on Stablecoins Underway

The statement indicates that this work is being carried out by the Treasury Department. Collaboration has already begun with the President's Working Group on Financial Markets, the FDIC, and the OCC to jointly research "stablecoins" and provide recommendations.

Addressing International Sanctions Involving Digital Assets

Regarding concerns within the crypto community about Russian sanctions potentially affecting related crypto asset services, the "unverified" statement also includes relevant resolutions. The Treasury Department will collaborate across agencies to identify key illicit financial risks associated with digital assets in response to the recently announced national risk assessment.

Key Focus of Overall Policy: Innovate Without Compromising Financial Stability and National Security

According to the Treasury Department statement, the policy will be guided by consumer and investor protection organizations, market participants, and other experts. The Treasury Department is committed to providing a more fair, inclusive, and efficient financial system, combating illicit financial activities, and mitigating risks to financial stability and national security.

Community Optimistic about the Order's Internet Development: Clinton Administration

When rumors circulated about Biden's crypto asset order, the CEO of Inca Digital published an article stating that the move with the crypto asset order, if similar to the order issued by the Clinton administration for internet development, would benefit the industry as a whole.

During the Clinton administration's order, there were five principles:

1. Private sector leadership, government encourages self-regulation
2. Government should avoid inappropriate restrictions on e-commerce
3. The government's role should be to support and enforce an expected, minimal, consistent, and simple compliance environment
4. The government should recognize the unique nature of the Internet
5. Global standards should be used to promote e-commerce on the Internet

The CEO of Inca Digital believes that these were the actions taken by the U.S. during the internet era and should be repeated now.