Whenever the White House says it is working on a plan that would transform a vital part of the U.S. economy, and that the administration is doing so with the “highest urgency,” it should go without saying that the press should pay close attention to what’s going on.
Even more importantly, the press should eagerly and comprehensively inform the public of the potential risks associated with such a proposal.
Unfortunately, that’s not happening today, and the effects of the media’s negligence could reverberate for decades to come.
On March 9, the Biden administration released an executive order (EO) instructing a long list of federal agencies to study digital assets and to propose numerous reports about their use and proposals to regulate them. Much of the executive order is focused on cryptocurrencies such as bitcoin and ethereum, which run on blockchain technology and have become increasingly popular among many investors and consumers in recent years.
But there is an even more important part of the EO: President Biden has instructed the federal government and Federal Reserve to lay the groundwork for a potential new U.S. currency, a digital dollar.