- After months of speculations, Joe Biden’s administration at last signs and issues the much-anticipated cryptocurrency exec order.
- This executive order has created a plethora of uncertainty inside the crypto sector since its declaration in October 2021.
- Apart from pledges regarding regulatory transparency in the cryptocurrency sector, other researchers think that there’s more for crypto miners too.
At Crossroads
The moment is here finally as Joe Biden’s administration has signed and issued a much-anticipated cryptocurrency executive order after months of conjecture. Exec Order regarding Ensuring Responsible Development of Digital Assets needs numerous govt. Agencies across the US to make debates and decide policy on national structure for cryptocurrency.
Many think this is a groundbreaking moment.
The Exec order has generated a lot of curiosity alongside uncertainty inside the crypto sector since its declaration in previous years. Many thought it would attract regulatory chaos on digital assets. But now it is safe to say that leaders of the sector are thrilled.
Vitally, we can say this order will intensify coordination in government approach to kick out unlawful ops, all while buttressing innovation and making United States’ tech leadership in this ever-evolving sector robust.
Ripple CEO, Brad Garlinghouse tweeted that this exec order tags a prime inflection point and clarifies that Crypto ain’t going nowhere.
Garlinghouse’s sentiment was echoed by Kathryn Haun, the notorious “Silk Road case” prosecutor.
She says that this executive order is a move forward on a correct path for some American leadership in web3 and is capable of bringing order to what is becoming a sorely fractured regulatory scenario.
She further added that they are particularly motivated that it will turn all every agency to collaborate with experts outside government as they make efforts towards defining policy.
Faryar Shirzad, Coinbase’s CPO, is also affirmative towards the White House setting up a regulatory structure for the cryptocurrency community and US citizens.
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Executive Order’s Bonanza Pack For Crypto Miners
Apart from commitments for regulatory transparency in the cryptocurrency sector, other experts think that this executive order is a blessing for all crypto miners.
Jonathan Peterson, strategist from Jeffries, an American multinational investment banking institution, stated in a note to customers that they have faith in the fact that United States authorities are now more formally engaging, recognizing with, and appearing supporting the virtual asset sector will be affirmative for open cryptocurrency mining organizations.
Petersen took a close look regarding disparity among China and US, which the previous year issued a blanket ban on mining of cryptos and forcefully pushed miners out of the country and lean towards friendlier jurisdictions.
As per the analyst, executive order is another point towards the regulatory ecosystem in the United States being more supportive for cryptos and their miners.
For me, this is a beginning of something good, especially for crypto miners, and will motivate them to increase their operations further.
As of this writing, the entire cryptocurrency market had a market cap of $1.7 trillion, with Bitcoin still dominating the crypto sphere.
