Inside Prez Joe Biden’s Executive Order to Boost Crypto Domination

Crypto is now one of the top priorities for the digital currency hub- United States

Quite recently, US President Joe Biden signed an executive order that focuses mainly on cryptocurrency, which marked quite a crucial moment for the history of the digital currencies domain. The order took into consideration the present state and use of major cryptocurrencies like Bitcoin, Ethereum, and others so that the coins can someday become a legitimate financial option for all Americans. President Joe Biden's crypto order is the first kind of executive order with a comprehensive set of guidelines for governing cryptocurrencies and other virtual assets in the US. 

The United States of America is slowly and gradually emerging as the hub for digital currency development and activity. Its national crypto industry possesses 35% of Bitcoin's mining volume capacity and is home to over 100 million cryptocurrency investors, along with some of the largest cryptocurrency exchanges in the world. Right after President Biden signed the executive order, the price of Bitcoin briefly shot up, last week, before falling around 5%. 

The executive order covers a wide number of issues across the cryptocurrency ecosystem, including the protection of people and businesses interacting with digital currencies, maintaining their financial stability, and sustainably innovating advanced cryptocurrency products and services so that American investors can access the financial ecosystem securely. 

What Does the Executive Order Say?

The executive order is perceived as extremely neutral when it comes to introducing regulations for digital currencies. It does not set on banning cryptocurrencies, nor does it legalize these currencies. It talks about protecting consumers, investors, and businesses currently in reference to digital assets. The other aspect of protection relates to ensuring that digital assets do not create a systematic risk or failure of the already established global financial infrastructure. 

Biden's order also pumps up other important US agencies to work together with international partners to prevent the use of digital assets for illegal activities, which has proved to be a constant threat due to the decentralized nature of blockchain networks and difficulty in tracing transactions. The government will now effectively take steps to responsibly develop other crypto facilities and intricately focus on the priority things like privacy and security. The US government will also explore how digital assets can be used for other financial and business purposes.