Biden issued an executive order on crypto, announcing a plan to regulate cryptocurrencies and support investment in blockchain technology.
Biden’s crypto executive order being announced in the middle of a massive conflict between Russia and Ukraine might seem like it’s a part of a larger effort to contain the Russian threat. But reports dating back toThose reports said the Biden administration planned to kickstart a strategy for regulating bitcoin and cryptocurrencies at the federal level. That’s essentially what the order is doing.
The Biden administration acknowledges the massive growth of the crypto market, which ballooned to over $3 trillion in November 2021. The entire crypto market cap was at just over $14 billion five years before that. Moreover, the administration said that 16% of adult AmericansThe announcement also notes that over 100 countries are exploring or piloting Central Bank Digital Currencies . These are digital forms of money based on blockchain technology.
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