I read Joe Biden 's executive order on Crypto, and these were my initial thoughts:
- 1st, Crypto is not going away, this executive order basically confirms that Crypto is here to stay
- This executive order outlines the risks & benefits of Crypto, and emphasizes these 3 areas: (1) consumer protection, (2) illegal activity, and (3) giving the U.S. a competitive advantage over other countries when it comes to Crypto
- Protecting consumers is a very important part of this executive order. There have been countless stories of people falling for Crypto scams or losing large sums of money through cyberattacks [In 2021, criminals stole $14 billion in cryptocurrency] ( I hope this helps to reduce fraud and punish those scamming others)
- The Biden administration also wants to explore a digital version of the dollar, just like China has the Digital Yuan
- The order also emphasized that the U.S. aims to establish itself as a global leader in Crypto
- These new regulations could help Crypto become more easily mass adopted, and draw in more institutional investors who were previously hesitant due to legal concerns
- Do you think Regulation will accelerate the adoption of Bitcoin?