President Biden Issues an Executive Order On Cryptocurrencies: Here’s What You Need to Know
On Wednesday, March 9th, an event of historical importance for crypto adoption in the US took place. President Joe Biden has signed a special executive order on cryptocurrencies, taking the first step to fully regulating the legal status of digital currencies in the United States.
While cryptocurrencies were always legal in the US, they were never fully regulated, and their legal status in some cases remained uncertain. This has led to many problems and obstacles on the way to crypto adoption: for example, companies had troubles with investing in cryptocurrencies, and financial institutions like banks were prohibited from providing crypto services to their users.
Now, the situation might finally be starting to change. Most importantly, President Biden’s executive order calls for many different federal agencies to unify their approach to crypto. In other words, cryptocurrency regulation in the United States will finally become fully clear.
But does the executive order include any actual details regarding the future of crypto regulation in the US? And, more importantly, what exactly does Biden’s order mean for the crypto world at large?
First of all, it’s essential to note how unique President Biden’s executive order is. It’s the first time that the US President has taken an official stance regarding digital assets. In other words, it’s the first time when crypto has been truly acknowledged by the highest US authorities.
The second thing to know is that the executive order is not a set of new regulations. In fact, the order doesn’t include any new regulations at all. So what is it all about?
Simply put, Biden’s order is a call for different US federal agencies to finally start working on creating a clear regulatory framework for crypto. And while the order itself doesn’t mention any specific new regulations, it includes some details which can give us a hint about what type of crypto regulations we will see in the near future.
Specifically, the executive order clearly states some areas which will be the main focuses of the US crypto regulations. These include increasing consumer and investor protection, regulating issues of data privacy and security, combating potential risks of crypto to financial stability, preventing the use of crypto for crime, and exploring ways in which crypto affects human rights, financial inclusion and equity and climate change.
Unfortunately, it’s still not clear when we’ll be able to actually witness any new crypto regulations come into being. However, President Biden’s executive order proves beyond any doubt that blockchain adoption is advancing so fast that it can no longer be ignored by the governments. That is why projects like Grand Time, heavily focused on educating people how to use crypto securely and responsibly, will be gaining massive importance in the near future.