The Biden administration is promoting “responsible” crypto development and creating a central bank digital money
President Joe Biden issued an executive order on crypto on Wednesday, reiterating the US government’s commitment to responsible virtual asset development and paving the way for the creation of a digital dollar.
Nigel Green of the deVere Group’s bullish comments come as Vice President Biden is expected to sign a highly anticipated executive order this week directing the Justice Department, Treasury, and other departments to study the legal and economic implications of creating a US central bank digital currency and implementing cryptocurrency market oversight.
Meanwhile, politicians, particularly Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown, are scrutinizing the crypto business closely amid worries that sanctioned people and firms in Russia may be exploiting digital assets to circumvent sanctions. Nonetheless, given the market’s small size, several experts and officials have questioned crypto’s usefulness.
“The United States has an interest in ensuring that digital asset technologies and the digital payments ecosystem are developed, designed, and implemented in a responsible manner that includes privacy and security in their architecture, integrates features and controls that defend against illicit exploitation, and reduces negative climate impacts and environmental pollution, as may result from some cryptocurrency mining,” the order states.
“The message I take from this EO is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society, and I think it’s a good signal to serious people who’ve been holding back from getting involved,” Jerry Brito, director of D.C.-based think tank Coin Center, tweeted.
