U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies.
It’s a long-awaited directive that has had the crypto industry on edge, not least due to growing regulatory concern around the world surrounding the nascent digital asset market.
Protecting Consumers
This is an important part of the directive as there have been countless stories of investors falling for crypto scams are losing youth sums of money through cyber attacks.
Illicit Activities
Rooting out illegal activity in the crypto space is another key area of focus. President has called for an unprecedented focus of code introduction from federal agencies in mitigating illicit finance and national security risks posed by cryptocurrencies
Climate Change
The Biden administration wants the government to study ways to make crypto innovation more responsible, reducing any negative climate impacts.
US Competitiveness
Part of the language also focuses on giving the US a competitive edge over the other countries when it comes to crypto development.
It wants to establish a framework to drive us competitiveness and leadership in leveraging digital asset technologies.
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Digital Dollar
The Biden administration also wants to explore a digital version of the dollar, placing an urgency on research and development of a potential CBDC.
Watershed Moment
This new policy agenda removes uncertainty of industry.
