thumb 142424 harriet christie Crypto goes mainstream: President Biden signs Executive Order on digital currencies

Crypto goes mainstream: President Biden signs Executive Order on digital currencies

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– In March 2022, speculation intensified around a White House Executive Order that was supposedly imminent.
– President Biden signed the document on Wednesday March 9th, in what many viewed as a potential watershed moment for the industry.
– The EO calls for measures to fulfill a number of specific objectives, rather than stipulating what those measures should actually be.
– These objectives include developing policy recommendations to protect US consumers, investors and businesses, and researching potential for a United States Central Bank Digital Currency (CBDC), amongst many others.
– One constant throughout is that the language is more exploratory than definitive; the administration appears to be asking for Government departments to put their heads together to develop the best possible solution for a relatively novel, challenging proposition.
– The document was essentially a mandate for a variety of relevant organizations (from the Treasury to the SEC) to spend 90 days doing their due diligence, before sharing suggestions around how each of its objectives can be met most effectively.
– These objectives are not just focused on regulatory compliance, occupying a broader spectrum and demonstrating wider concerns around issues such as American leadership in the sphere, and cryptos inherent climate risks.
– On May 4th, California Governor Gavin Newsom signed his own cryptocurrency Executive Order, which was well aligned with President Bidens, sharing a sense of progressive ambition.
– As with Mr Biden, Californias EO appears focused on establishing a transparent and level regulatory playing field, which will in turn protect consumers.
– While not ostensibly a show of support for the administration, such a gesture from a leading technological and economic giant like the state of California certainly validates the direction taken.
– Now that the EO has been signed, the crypto community has reason to be optimistic. The government has shown willingness to embrace the benefits of crypto and to invite constructive feedback on how its issues can be alleviated.

 

 

thumb 142424 harriet christie Crypto goes mainstream: President Biden signs Executive Order on digital currencies
Crypto goes mainstream: President Biden signs Executive Order on digital currencies 3

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