Joe Biden new Crypto Order :Biden signed the first executive order pertaining to cryptocurrencies. The mandate instructs government departments to provide policy suggestions for dealing with the dangers and advantages of Digital Assets. The directive also instructs the federal government to investigate the possibility of creating a US central bank digital currency, which is a sort of Cryptocurrency that is regulated by the government.
The endeavour, according to Treasury Secretary Janet Yellen, would “promote a fairer, more inclusive, and more efficient financial system” while combating illicit money and mitigating threats to financial stability and national security.
The directive outlines the first comprehensive government digital assets plan for the United States, according to Biden’s senior economic and national security aides, Brian Deese and Jake Sullivan.
“This will help position the United States to continue playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values, and advances US global competitiveness,” Deese and Sullivan said in a joint statement released on Wednesday.
The executive order will not affect the way the United States views cryptocurrency in the near future, but it will begin the process of developing laws for digital currencies. As part of this endeavour, Biden has directed government agencies to investigate many of the issues that crypto has caused as it has grown in popularity, such as its role in money laundering and terrorist groups. Despite the government’s plans to investigate some of crypto’s most controversial issues — and the numerous unanswered uncertainties about crypto’s future in the United States — the fact that the White House is recognising bitcoin and other cryptocurrencies is reason for celebration among crypto enthusiasts.
In a tweet, Jerry Brito, executive director of the DC-based crypto think tank Coin Center, said, “The message I take from this [executive order] is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society, and I think it’s a good signal to serious people who’ve been holding back from getting involved.”
Biden’s executive order aims to modernise US financial regulations to include bitcoin, especially by asking government agencies to research cryptocurrency and suggest new restrictions. The Treasury Department will devise strategies to safeguard investors and consumers from the financial risks associated with cryptocurrency, which is more volatile than conventional assets.
The ruling comes after the United States imposed sanctions on Russia in response to the country’s conflict in Ukraine. The White House has expressed worry that cryptocurrencies may provide Russia more freedom in evading sanctions. According to Bloomberg, the Biden administration requested that bitcoin exchanges block all Russian users, a request that companies have yet to comply with after previously agreeing to block individual Russian users.
The SEC, lead by Gensler, has been one of the more active US authorities in the crypto sector. Gensler has been open in his belief that greater legislation and transparency are required to safeguard investors and companies dealing in such digital assets. The SEC has already issued opinions on bitcoin futures ETFs that are publicly traded, as well as crypto-lending products that may be deemed unregulated securities.
Biden’s executive order comes at a time when a growing number of Americans are investing in cryptocurrency. According to a White House fact sheet, 16% of Americans have used cryptocurrencies. Three out of ten American adults currently trade cryptocurrencies, according to a recent poll done by Harris on behalf of Protocol at the end of February.
For crypto firms, Biden’s advantages outweigh the disadvantages. The creator of the bitcoin exchange FTX, Sam Bankman-Fried, described Biden’s stance as “helpful.” The ruling was “a step in the right direction,” according to Kathryn Haun, a former Andreessen Horowitz general partner who sits on the boards of Coinbase and the NFT platform OpenSea. The news was leaked Tuesday night as the Treasury Department unintentionally issued a statement from Treasury Secretary Janet Yellen calling the decision “historic.” Cryptocurrency prices also rose in response to the news. Bitcoin went up approximately 8% on Wednesday afternoon, the day after the executive order was announced, indicating that the measure is popular with crypto investors as well.
for more information visit cnet
