Biden’s crypto executive order is as good as it gets. It was recently leaked, and this caused Bitcoin to rally in the next 24 hours. While the price has already been corrected, the impact of the executive order will be huge in the future. A regulatory expert on crypto said, “It’s about as good as we could ask.” It also shows that the government is looking at cryptocurrencies as a legitimate and important part of society & economy.
Biden’s crypto executive order
Yesterday, Joe Biden, the US president, signed an executive order (EO) which is basically a national policy for cryptocurrencies. It is a proper government approach to address the risks and potential benefits of crypto and the technology behind them. The EO also says that the federal agencies will work with the blockchain association on the country’s crypto policies in the future.
This order is a dream come true for every crypto enthusiast as it legitimizes cryptocurrencies more than ever. Plus, that it is an important part of the economy has been considered. Those who have been worried about investing in crypto due to uncertainty could also consider it as an investment vehicle.
Lawyer Jake Chervinky says that people were worried about the EO because they expected it would rush crypto regulations or impose rules that would harm the crypto space. But there is nothing as such, and the order is balanced and constructive. Therefore, this is as good as it gets. Even individuals from popular crypto exchanges gave their comments on the same.
FTX CEO said, “A constructive EO to discuss customer protection and economic competitiveness in digital assets.” While Coinbase’s member of the board of directors, Kathryn Haun, said that the EO is a step in the right direction.
This could be the turning point
With this Executive Order, it is clear that the US has nothing against cryptocurrencies, and they consider it essential. So, it solidifies the statement that cryptocurrencies are here to stay. In fact, Binance CEO CZ said, “I am guessing crypto is not going away.” All in all, it could be a turning point for the industry as the EO acknowledges all important points that could have been required.
What are your thoughts on Biden’s crypto executive order? And do you think this could be a turning point for cryptocurrencies? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Elizabeth Warren’s new crypto bill will make it impossible to evade sanctions.
