SRM to Share Commentary on The Biden Administration’s Executive Order on Digital Assets
On March 9th, The Biden Administration issued its anticipated executive order seeking to coordinate efforts among federal agencies to craft a national policy for digital assets. The order aims to "ensure that safeguards are in place and [to] promote the responsible development of digital assets."
This order demonstrates the continued effort to bring digital assets, including cryptocurrency, into the spotlight, which is positive for financial institutions that actively are or planning to get involved in this space. We see the order as a constructive effort to build a framework as the United States plays catch-up to other countries. It is a streamlined approach that strikes a delicate balance between backing innovation and protecting consumers and businesses.
The review tied to financial inclusion is specifically interesting. SRM’s recent report on Cryptocurrency in 2022 noted that ownership of crypto assets is particularly high among underrepresented demographic groups. A Morning Consult study found that 37% of Americans holding crypto are considered underbanked. Younger age brackets and non-white groups, both considerable growth opportunities, are significantly engaged.
Overall, the issuance of the report highlights that cryptocurrency will remain relevant in the United States for years to come. There is a window of opportunity for banks and credit unions that do their homework (look at deposit outflows and thoroughly vet third-party providers) and are able to formulate an effective strategy to meet the needs of customers and members keen on holding crypto.
Please reach out to Maggie Wise (firstname.lastname@example.org) if you’re interested in speaking with SRM SVP and Crypto Lead Larry Pruss for more on the executive order and the impact it will have on financial institutions.
SRM has helped more than 1,000 financial institutions add $5+ billion of value to their bottom line in critical areas such as payments, digital transformation, core processing, artificial intelligence, and operational efficiency. SRM’s decades of experience have lowered costs, grown revenues, increased productivity, expanded customer satisfaction, and provided a competitive edge for clients in an environment of constant and accelerating change. Visit www.srmcorp.com for more information and follow us on LinkedIn and Twitter for timely and relevant insights.