Joe Biden Officially Issues Executive Order For Cryptocurrencies, Here's What You Should Know!

Joe Biden issued an executive order on crypto. (Between)

JAKARTA – The White House has finally issued the long-awaited executive order regarding cryptocurrencies. The executive order contains several important points to protect investors, regulators, and the crypto industry itself.

This executive order from the president is already a hot topic among the crypto community. This was responded to very well by the market. In the document, the government acknowledges the growth of cryptocurrencies in recent years and lays out how it can benefit US authorities and citizens.

"The rise in digital assets creates opportunities to strengthen America's leadership in the global financial system and become a technology leader, but it also has substantial implications for consumer protection, financial stability, national security, and climate risk."

Additionally, the executive order document also reveals that the US “must maintain technology leadership in this rapidly evolving space, supporting innovation while reducing risks to consumers, businesses, the broader financial system, and the climate.”

The six main priorities that US national policy should focus on include: “consumer and investor protection, financial stability, illicit finance, US leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.”

In addition to all of the above, the document also provides the possibility for the US to explore Central Bank Digital Currencies (CBDCs), acknowledging that more than 100 countries have already done so.

The order directs the US Government to assess the technology infrastructure and capacity requirements for potential US CBDCs while protecting American interests. The order also prompted the Federal Reserve to continue research, development, and assessment efforts for US CBDCs.

In conclusion, the document reveals that the US Government will also continue to work with agencies and with Congress to deliver actionable policies that protect investors and guide responsible innovation.

The executive order is considered to provide fresh air to the crypto industry. This is echoed by the CEO of crypto Stablecoin Circle (USDC), Jeremy Allaire, who states that this is a “crucial moment for crypto” while also comparing the orders when the government revived the commercial internet in 1996 and 1997, as summarized VOI from CryptoPotato.