The long-awaited executive order from the US president to determine the future of cryptocurrencies across the globe had come out softer than expected last Wednesday with an order merely calling for caution and conscious awareness of risks involved rather than placing a ban on it.
During the session on Wednesday, U.S. President Joe Biden had signed a first-of-its-kind executive order on cryptocurrencies, directing federal agencies to coordinate their efforts at drafting cryptocurrency regulations.
However, this executive order did not lay out specific positions the administration wants the agencies to adopt, nor impose new regulations or ban on the sector. At best, the order did not announce any new regulations for cryptocurrency companies to abide by.
Nonetheless, the executive order had charged the Treasury Department to create a report on the “future of money,” including how the current financial system might not meet consumer needs.
Following the report: “the whole-of-government” these efforts to regulate the crypto industry focus on consumer protection, financial stability, illicit uses, leadership in the global financial sector, financial inclusion and responsible innovation, according to a fact sheet accompanying the order.
This report had further defined six “key priorities” for the administration: protecting U.S. interests, protecting global financial stability, preventing illicit usage, promoting “responsible innovation,” financial inclusion and U.S. leadership, according to a fact sheet shared with reporters.
It is also interesting to note that more than 40 million Americans, or 15% of the total U.S. population, have reportedly invested in or are trading cryptocurrencies.
Following this, The President’s executive order has put forward “a holistic whole-of-government approach to understanding not only the macroeconomic risks but also microeconomic, with the risk to each individual, investor and business that engages with these assets,” the official said.
The Crypto market initially responded positively to this news on the eve of the report delivery on Tuesday amidst allegations of a leak. Thus we saw Bitcoin prices hit 42K before the current retracement that has taken BTC prices back below 40K.
