US President Joe Biden signs first ever ‘virtual asset executive order’

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[Blockchain Today Correspondent Lee Ji-eun] Cryptopotato reported on the 9th (local time) that the cryptocurrency executive order from the US White House, which has been a long-awaited topic and a hot topic in the cryptocurrency community, has finally appeared.

According to reports, US President Joe Biden signed an executive order setting out how to support cryptocurrencies for the United States and Americans, the need for risk mitigation, and major challenges for regulators.

The FACT SHEET, titled ‘President Joe Biden’s Executive Order on Ensuring Responsible Development of Virtual Assets,’ focuses on consumer protection, financial stability, national security and climate risk resolution. It has been condensed into a strategic overview of the whole-of-Government of the United States.

In response, Cryptopotato commented, “In this document, the U.S. government has recognized the growth of cryptocurrencies over the past few years.” explained,” he said. The report also states that, among other things, the fact sheet emphasizes that the United States must maintain technological leadership in this fast-growing sector, while simultaneously supporting innovation while mitigating risks to consumers and businesses, the broader financial system and the climate.

The executive order follows six major priorities that the United States should focus on as a national policy: consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global financial system and economic competitiveness, and ensuring financial access for the financially underprivileged. Inclusive finance and responsible innovation were emphasized.

In addition, the fact sheet also suggests ‘the possibility of a US CBDC exploration’, acknowledging that more than 100 countries around the world already have or are implementing central bank digital currency (CBDC) policies. It has to be done in this way.” The order also encourages the Federal Reserve to continue its research, development, and evaluation efforts on U.S. CBDCs.
According to Cryptopotato, in conclusion, the document can be interpreted as saying that the US administration will continue to work with agencies and the US Congress to provide actionable policies that will protect investors and drive responsible innovation, in response to which the cryptocurrency market It reacted very favorably, generating more than $130 billion in revenue within hours of issuing the executive order, the media reported.

Gabor Gurbacs, general director of strategy at investment giant VanEck with $82 billion in assets under management, said in a statement released on the day that the fact sheet was “primarily about facilitating research and oversight. “It aims to support innovation and strategic leadership,” he added, adding that “it is quite positive for the cryptocurrency industry.”

Jeremy Allaire, president and co-founder of the stablecoin USDC, issued by Circle, compared this to the 1996 and 1997 US government mandates that recognized the importance of the commercial internet, “the cryptocurrency industry.” It is a moment that becomes a watershed in the

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