Biden Signs Crypto Executive Orderawareness
White House Signals Interest in Development of Digital Assets
In a first of its kind Executive Order, President Joe Biden is signaling broad support for the cryptocurrency industry.
Apress releaseissued by the White House, provides details aboutExecutive Order 14067which outlines the U.S. government’s approach to create “an opportunity to reinforce American leadership in the global financial system and at the technological frontier.” According toTime Magazine, the barely 10-year old industry has now grown into a 3-trillion dollar market and the value of all digital crypto assets has more than quadrupled since the end of 2020 prompting increased involvement from governments across the political sphere.
The Executive Order, signed by President Biden as the Ukraine receives millions in crypto donations from people across the world to support their military effort, focuses on national policy for digital assets and cryptocurrency across six areas: 1) consumer and investor protection; 2) financial stability; 3) illicit finance; 4) U.S. leadership in the global market; 5) financial inclusion; and 6) responsible innovation. Of particular interest, the Order places priority on the U.S. Central Bank to research and develop a cryptocurrency of its own, should it be deemed in the best interests of national security. Adding a digital currency to the Federal Reserve would likely support mass adoption of cryptocurrency across the U.S. population and global economy with the weight of the U.S. government behind it. The growing emphasis on digital assets from the government also indicates that crypto is here to stay and isn’t a one-off or fad astraditional financial institutionshave previously speculated. Some advisors in the industry are welcoming regulations from the executive branch citing the occasional Wild West-like nature of the largely unregulated crypto movement.
Given the broad nature of the Executive Order, crypto enthusiasts can expect to see more specific guidance from the White House in the future. An interagency report is due to the President 180 days after the signing of the Order from Cabinet secretaries outlining the conditions that would support wide use of digital assets; the influence of technological innovations on digital currency; and the implication on the U.S. monetary system.
Still some banking experts are less enthusiastic about a potential increase in the use of digital currency. TheBank Policy Institute, a nonpartisan public policy, research and advocacy group, is generally optimistic about the Executive Order, but theorizes in response to President's signing, “that future research into a possible U.S. central bank digital currency will conclude, consistent with past BPI research, that CBDCs would pose considerable and unavoidable costs to the financial system and economy while producing few, if any, tangible benefits.” The Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra,released a statementshortly after the Order was signed, however, committing to working to promote competition and innovation in the industry, while reducing risk to safety and security that digital assets could pose.
Following the news, cryptocurrencies like Bitcoin saw a boost in price as buyers see the United States’ growing role in the digital economy as a net positive for the stability of crypto coins.
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April 7, 2022