What does Biden's Executive Order mean for cryptocurrencies?

U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies. It’s a long-awaited directive that has had the crypto industry on edge, not least due to growing regulatory concern around the world surrounding the nascent digital asset market.

Will Biden take a hard stance on cryptocurrencies?

Analysts have studied the order and the statement by Yellen and suggested it has lessened fears among crypto investors that the Biden administration would take a hard stance on the evolving crypto sector. This has helped boost the price of key cryptocurrencies today, with bitcoin ( BTC) hiking to above $42,000.

Is Joseph Biden pro-crypto?

Joseph Biden became the US President today. His administration is thought to be more pro-crypto than the previous one. Key financial officials in his office and congress have real experience with blockchain. President Biden was sworn into office today.

What does Biden's executive ordrer mean for Web3?

According to Rebecca Retting, general counselor for Aave, president Biden’s executive ordrer represents a landmark moment for the web3 ecosystem. Speaking to Yahoo Finance she said: "The recognition by the United States government that web3 constitutes the next generation of the internet.