The order respects regulatory independence while making clear to the Federal Reserve (Fed) what the White House wants. Historically, financial regulation is largely in the hands of agencies with substantial structural independence from the White House. The executive order further requires a set of reports coordinated through the interagency process from a wide range of executive branch stakeholders. ![]() The order lays out a series of non-controversial policy statements, such as “we must protect consumers, investors, and businesses in the United States” and “we must support technological advances that promote responsible development and use of digital assets.” Broadly speaking, the White House is seeking to strike the right balance from the positives of crypto-financial efficiency, inclusion, American leadership in global finance-with its negatives: potential illicit financing, consumer and business abuse, and regulatory arbitrage. ![]() Since then, the price of Bitcoin has fallen back down to around $38,790 as of publication time.The executive order should be thought of more as a call to action than as a specific game plan. According to price data from CoinDesk, the price of Bitcoin went from around $41,000 on Tuesday to around $42,542 on Wednesday. Shortly after the executive order was signed by Biden, several popular cryptocurrencies, such as Bitcoin saw an increase in price. China's new digital currency would be cheap and simple for trading partners to use, so America needs to work fast to catch up," Goodman told Newsweek. "America's problem is that the old dollar-based financial system is slow and clunky compared to digital currencies, which can be sent around the world cheaply and at lightening speed. Goodman noted that while the American dollar has been at the center of global trade for several decades, cryptocurrencies pose a threat for "future dominance," citing China's digit currency, e-CNY. Glenn Goodman, a contributing expert on cryptocurrency for the London School of Economics told Newsweek that the executive order is "hugely important for the future of the United States." DOJ Launches 'Task Force KleptoCapture' to Back Sanctions Against Oligarchs.Cryptocurrencies Surge as Industry Celebrates Biden's Executive Order.Eureka! Digital Gold - A Way To Think About Crypto.leadership, and takes a holistic view of this transformational moment," Shirzad added. We look forward to continuing our work with regulators and lawmakers to ensure the path forward encourages public participation, protects U.S. It is and we need to harness our resources and entrepreneurship to lead." Similarly, Faryar Shirzad, the chief policy officer for Coinbase, responded to the executive order in a series of tweets, writing, "We applaud the White House for recognizing this as a defining moment for U.S. The statement continued, "As a regulated global crypto exchange, Kraken will continue to work collaboratively with peers, partners and policymakers to ensure the issues outlined in the Executive Order are fully understood.… We welcome this important initiative to provide clarity on how digital asset markets will be evaluated through inter-agency coordination." In a statement sent to Newsweek, a spokesperson for Kraken, a cryptocurrency trading application said, "We agree that the US should play a leading role in the new era of digital transformation by supporting innovation while ensuring market integrity and investor protection." leadership in the global financial system and economic competitiveness financial inclusion and responsible innovation," the White House said in a fact sheet announcing the executive order.īiden's decision was applauded by several other cryptocurrency trading companies and digital currency investors. "The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection financial stability illicit finance U.S. ![]() On Wednesday, Biden signed the executive order which in addition to calling on the nation's central bank to explore options for constructing it's own cryptocurrency, seeks to protect investors and companies from risks associated with investing in digital currencies. It paves the way for thoughtful national crypto regulation that will allow builders to build onshore and ensure that the US remains a leader in crypto-creating greater independence, choice, and opportunity for all," Bitcoin investor and co-founder of Gemini, a cryptocurrency trading application Cameron Winklevoss wrote on Twitter. President Joe Biden signed an executive order this week calling on the Federal Reserve to research and potentially develop its own cryptocurrency, which was applauded by a number of digital currency companies, including one that called it a "watershed executive order on crypto is a watershed moment.
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