Grayscale appreciates the new step of White House
U.S. President Joe Biden signed an executive order on digital assets, directing the commission to consider the dangers and advantages of cryptocurrencies.
It’s been a long time coming, and the crypto industry has been waiting for it, not least because of increasing regulatory concerns throughout the world about the immature digital asset market.
There had been rumors of a split between White House officials and Treasury Secretary Janet Yellen, which had caused the policy’s execution to be delayed.
“Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans – approximately 40 million people – have invested in, traded, or used cryptocurrencies,” the White House’s fact sheet revealed.
“That is why today, President Biden will sign an Executive Order outlining the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology,” it stated.
President Biden finally signed the crypto order on February 9. The order asks for federal agencies to take a unified approach to the regulation and oversight of digital assets.
According to Grayscale, the world’s most powerful economy is seeing crypto as a rising industry essential to maintaining U.S. global competitiveness.
Although the United States is a worldwide leader in traditional banking and technology, legal uncertainty has led many companies to establish crypto operations in other countries. Tax breaks, regulatory clarity, and other incentives are being offered by Portugal and Singapore in response to the uncertainties. The executive order is a positive sign for the business as a whole since it aims to prevent the United States from losing talent and money.
Furthermore, Grayscale stated that “A U.S. CBDC would be a big step in the advancement of crypto as a mainstream technology, and could help maintain the dollar as the world reserve currency.” With over 100 countries piloting or exploring CBDCs, the United States has a unique chance to keep its position as a worldwide leader in finance by implementing well-thought-out legislation and regulations.
Bitcoin’s price started to skyrocket to $42,000 when the executive order has been leaked. Bitcoin’s market cap also reached $800 million after the President officially signed the crypto order.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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