You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
The White House on Wednesday announced steps toward regulating digital-asset transactions through a new cryptocurrency executive order (EO) issued on March 9.
And while regulation has infamously gotten the bad rap that it kills economic activity, this could be an important step in helping cryptocurrencies develop into a more vibrant market.
In the cryptocurrency executive order, President Joe Biden has asked a host of federal agencies to formulate an approach that addresses the risks (and harnesses the potential benefits) of digital assets and their underlying technology.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Among the main details of the crypto EO, President Biden's federal government effort outlines a national policy for assessing digital assets across six main objectives:
- Consumer and investor protection
- Financial stability
- Illicit finance
- U.S. leadership in the global financial system and economic competitiveness
- Financial inclusion
- Responsible innovation
The administration aims to "reinforce American leadership in the global financial system and at the technological frontier" while also "mitigating the risks for consumers, businesses, the broader financial system and the climate."
The U.S. currently lacks a framework for the development of cryptocurrencies, which could result in America falling even further behind other countries' digital-currency efforts. The federal government has been notoriously quiet about crypto; the most notable position from a federal agency is the IRS' Notice 2014-21 declaring the asset class to be treated as "property" for tax purposes.
Digital coins surged in response to the crypto executive order, including top cryptocurrencies such as Bitcoin (+9%) and Ethereum (+6%). However, the timing of their runs might have seemed a bit off; the movement in digital asset prices came ahead of the EO. That was because the U.S. Treasury prematurely published a related statement from Secretary Janet Yellen, which it later unpublished then republished following the executive order's official release.
Why Does This Matter?
The cryptocurrency market has grown substantially in recent years, nearing $3 trillion as recently as November. But it has still been wracked by volatility – that market size has swooned by nearly half as recently as early march – as well as a general sense of uncertainty about what the asset's path forward would look like given a mostly hands-off approach by the federal government.
Prior to the EO, there had been a little movement of late. Provisions around cryptocurrency transaction reporting passed in 2021's Infrastructure Investment and Jobs Act; many saw this as a precursor to more comprehensive regulation and oversight coming from the federal government.
However, Biden's new cryptocurrency executive order positions the government as more of a steward for digital-asset innovation in the U.S. It also recognizes a need to provide consumer and investor protections, much as the federal agencies currently do for other securities bought and sold on public markets.
Further, the U.S. looks to harness the innovation potential of digital assets for not only potential economic gain, but for national security purposes as well.
"The Administration will continue work across agencies and with Congress to establish policies that guard against risks and guide responsible innovation, with our allies and partners to develop aligned international capabilities that respond to national security risks, and with the private sector to study and support technological advances in digital assets," the EO reads.
Markets appear, at least initially, to welcome the beginning stages of cryptocurrency regulations and see this executive order as constructive for digital currencies going forward.
-
Betting on Super Bowl 2026? New IRS Tax Changes Could Cost YouTaxable Income When Super Bowl LX hype fades, some fans may be surprised to learn that sports betting tax rules have shifted.
-
How Much It Costs to Host a Super Bowl Party in 2026Hosting a Super Bowl party in 2026 could cost you. Here's a breakdown of food, drink and entertainment costs — plus ways to save.
-
3 Reasons to Use a 5-Year CD As You Approach RetirementA five-year CD can help you reach other milestones as you approach retirement.
-
If You'd Put $1,000 Into AMD Stock 20 Years Ago, Here's What You'd Have TodayAdvanced Micro Devices stock is soaring thanks to AI, but as a buy-and-hold bet, it's been a market laggard.
-
If You'd Put $1,000 Into UPS Stock 20 Years Ago, Here's What You'd Have TodayUnited Parcel Service stock has been a massive long-term laggard.
-
If You'd Put $1,000 Into Lowe's Stock 20 Years Ago, Here's What You'd Have TodayLowe's stock has delivered disappointing returns recently, but it's been a great holding for truly patient investors.
-
If You'd Put $1,000 Into 3M Stock 20 Years Ago, Here's What You'd Have TodayMMM stock has been a pit of despair for truly long-term shareholders.
-
If You'd Put $1,000 Into Coca-Cola Stock 20 Years Ago, Here's What You'd Have TodayEven with its reliable dividend growth and generous stock buybacks, Coca-Cola has underperformed the broad market in the long term.
-
If You Put $1,000 into Qualcomm Stock 20 Years Ago, Here's What You Would Have TodayQualcomm stock has been a big disappointment for truly long-term investors.
-
If You'd Put $1,000 Into Home Depot Stock 20 Years Ago, Here's What You'd Have TodayHome Depot stock has been a buy-and-hold banger for truly long-term investors.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have TodayBank of America stock has been a massive buy-and-hold bust.
