US President Joe Biden approves executive order on cryptocurrencies

On Wednesday, March 11th, US President Joe Biden signed an executive order on the government to assess the different risks and benefits that come with using cryptocurrencies. He also urged the federal reserve to weigh the pros and cons of having a digital version of the US dollar.

Before the president even got to sign the order, investors already got a clue that it will happen because of the treasury’s released statement calling it ‘historic’. Since then the statement has been deleted and it’s nowhere to be found.

One of the things that the executive order aims to address is the vague framework presented with the development of cryptocurrencies in the US. This coincides with ensuring the protection of the American consumers, whether they be sole investors or part of big businesses.

Moreover, Janet Yellen the Treasury Secretary of the government said that this course of action would be essential to ‘promote a fairer, more inclusive, and more efficient financial system’.

However, the decision to sign this executive order came about when the Biden administration examined the massive popularity the crypto industry has been getting. This urged them to discover the risks and benefits not just of cryptocurrencies but digital assets as a whole.

Federal agencies such as the Treasury Department also received orders from this action as they were directed to take a closer look at how cryptos impact financial stability and national security.

Another thing that the order highlights are the protection of consumers. The order states that the measures will revolve around 6 vital elements. These are:

• Financial inclusion
• U.S. competitiveness on a global stage
• Consumer and investor protection
• Responsible innovation
• Illicit activity.

On the same day, President Biden’s two top economic and national security advisers, Brian Deese and Jake Sullivan stated in a joint statement that this action ‘will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness.’

Because of this massive cryptocurrency news, Bitcoin, Ether and other kinds of crypto tokens saw an uprise of 8% overnight. 

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