Following the US president’s executive order, Brian Brooks, the CEO of Bitfury, has said this executive order will benefit the US economy. For a long time, the crypto regulatory framework in the United States has been in flux. The executive order addresses cryptocurrency industry regulations and the creation of a central bank digital currency (CBDC).
The Executive Order Was Historic for Cryptocurrency
Brooks noted that the US government recognized the cryptocurrency market as a part of the financial system for the first time through this executive order. The order discussed the risks of the cryptocurrency system and how these risks can be significantly reduced.
The executive order also demonstrated that the United States aimed to compete in the crypto space. This is a different position than China has taken. Rather than outright prohibiting cryptocurrency, as China has done, the United States attempts to promote the sector’s growth within its borders.
Brooks went on to say that the crypto market had grown significantly over the years and was now attracting the attention of governments.
The public’s interest in Bitcoin was evident during the Canadian Freedom Convoy protest when people turned to cryptocurrency after they froze their bank accounts.
The US President issues an executive order.
Biden’s executive order, signed on Wednesday, required federal agencies in the United States to assess the benefits and risks of developing a CBDC. Last year, Jerome Powell, the Chair of the US Federal Reserve, stated that the country would take its time to launch a digital dollar to get it right.
Biden’s order also requires the US Treasury, Commerce Department, and other relevant agencies to produce a report on the future of money. The report should also address the role that cryptocurrencies will play in the financial sector’s future. Following this order, Bitcoin increased by 9%, but it has since dropped by 9% in the last 24 hours.
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