Reports suggest that the US President, Joe Biden, will issue a crypto executive order this week. The idea behind this order will be to regulate crypto and come up with a strategy that works on all fronts. This means that the US could soon have an impact on the crypto market. And since the price is already below $40k, it could be concerning for this bull-run.
Crypto executive order in the US
The report about this order was published by Yahoo Finance, and they claim to have received the news from an administration official. This is not entirely new news, though, as we have heard about this executive order back in January. It will make the government agencies study & research crypto and CBDCs in order to bring proper regulation. The agencies will also need to firm reports on payment systems and the future of money. And it could form the base of the approach.
All the concerns surrounding crypto assets will also be addressed as the Financial Stability Oversight Council will be looking at the crypto stability issue. Many countries have expressed concerns that crypto could hurt them financially and affect the economy, which is also something that the authorities will research. Then we have the Federal Trade Commission that will research how crypto growth can affect the competition and other sectors.
Protection the investors
An important part of the executive order will be to see how the investors can be protected. The SEC, CFTC, Federal Reserve, FDIC, and OCC will be working on market protection measures in their control. This will probably make investors a lot less worried about investing in crypto and prevent frauds and scams. The treasury in the US will also work on a report for Joe Biden to protect against crypto risk after working with other authorities, including the SEC.
Reports also suggest that the US will not only regulate crypto in their country but will work globally to standardize the way crypto is regulated. This could mean that if their regulations favor crypto, then all good else it could impact the market adversely.
What are your thoughts as reports suggest that Joe Biden will issue a crypto executive order this week? And do you think this order addresses all the critical points? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Mexican billionaire advises investors to buy Bitcoin and forget about selling.
