The executive order by the administration of Biden regarding virtual assets has turned out to be a gadfly having stimulated the whole crypto community nonetheless most of the responses have been optimistic. The respective executive order, which has long been awaited, was sanctioned during the present week. It summarizes the authorities’ viewpoint regarding crypto assets as well as directs toward additional studies over the possibilities of a CBDC (central bank digital currency) as well as a regulatory agenda.
On 9th March, Janet Yellen (the Treasury Secretary of the United States) appreciated the respective move by noting that the state departments would be assisted by it to incorporate adequate innovation along with minimizing the hazards related to the world of cryptocurrency. The directive does not execute any crackdown over the asset class contrary to the expectation of the majority of the people because the administration has been somewhat harsh in this matter during the previous months.
Uncle Sam resolves to take the step
Tom Emmer, a U.S.-based Senator who is a well-known advocate of the crypto world, expressed his feelings regarding the order as he spoke that a significant thing to be considered now is that a strategy should be devised by the United States authorities for the implementation of the respective innovation.
In the words of Emmer, the executive order’s consequences were positive and the country’s community is taking a great interest in the inclusion of virtual asset innovation. The prominent focus of the order, as he added, is on developing a resilient code structure with proper security layers, global competitiveness, systemic hazards, as well as the protection of the consumers.
The representative from Minnesota additionally mentioned that decentralization was not discussed in the order. The industry of cryptocurrency, as well as the economy’s disintermediation, will permit the entirety of the U.S. residents to determine the financial futures thereof, rather than putting this in the hands of big tech firms, banks, or else the government, as the executive further asserted.
The reaction from the crypto market
A generally positive reaction was posed by the markets of cryptocurrency towards the order, nevertheless, a downward trend is being witnessed in the valuation of the crypto assets after that. A plunge of nearly 2.8% has been witnessed in the cumulative market capitalization of crypto, placing it at almost $1.83T currently.
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