News of Biden’s Newly Signed Executive Order
The other day I wrote an article about a highly anticipated crypto-related executive order from the Biden administration. The executive order was signed into law early yesterday. The contents were well received and drove prices upward, with BTC experiencing a 9% rally topping $42K.
Many crypto enthusiasts regard the order as legitimizing and a strong endorsement for the longevity of cryptocurrency. CEO of Circle, the company behind the USDC stablecoin, said this:
“The Biden administration’s executive order on digital assets represents a watershed moment for crypto…akin to when the government in the 90s realized the commercial power of the internet” — Jeremy Allaire
The order has 6 key priority areas which center on consumer and investor protection; illicit finance; financial inclusion; U.S. leadership in the global economy; financial stability; and responsible innovation. Additionally, the Executive Order does the following:
- Instructs several agencies in the executive branch to study various aspects of cryptocurrency and provide future recommendations.
- Promotes innovation in the industry while minimizing risks to Americans and the global financial system.
- Directs the Federal Reserve to research and potentially develop its own digital dollar.
- Directs the Treasury Department to develop guidelines to help investors avoid fraud.
The order offered no specific timelines, regulations, or new policies. The lack of harsh oversight may have led to the positive price action. Many are expecting that the major regulation will emerge after the research is conducted, this could be months from now, possibly happening next year.
*Note: I’m not a financial advisor, I write for educational/entertainment purposes only. Nothing in this or any of my other articles constitutes financial or legal advice.
This article was previously published on Medium.com
Personal Finance, Stock, Crypto, and Entrepreneurship 