President Joe Biden signed an executive order aimed toward cryptocurrency giving crypto companies the green light to exist. This marked a pivotal moment within the history of digital currencies, taking Bitcoin (BTC), Ethereum (ETH), and other crypto tokens a huge step nearer to someday becoming an authentic financial option for all Americans.
With this executive order, Biden directed the U.S. Department of Treasury and other federal agencies to learn about the impact of cryptocurrency on financial stability and national security. The order additionally requested the Federal Reserve to discover whether the central bank should create its own digital currency.
Mr. Biden’s executive order has been extensively anticipated by the finance industry, especially by crypto traders and lawmakers, who have compared today’s cryptocurrency market to the Wild West. President Biden’s order shows that he understands the potential of digital currencies.
Despite the risks of untamed price swings, roughly forty million people in the U.S. have invested in cryptocurrencies, surveys show. Although regarded a relatively unstable kind of money by most financial experts, BTC reached its highest price point last year, in part because more companies began accepting it as a form of payment. A number of athletes and politicians are now receiving parts of their salary in cryptocurrency. Wall Street also has created exchanged-traded funds around cryptocurrency futures.
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