What does Biden's Executive Order mean for cryptocurrencies?

On March 9, 2022 President Biden signed a long-awaited executive order (EO) embarking on a whole-of-government, comprehensive approach to the regulation of cryptocurrencies and other digital assets. The EO calls for the financial regulatory agencies to study digital assets across six key priorities:

What does the US Executive Order mean for crypto?

In fact, a lot of people with crypto are even happy about the new order, so much so the price of bitcoin is going up. The executive order doesn’t change how the US approaches crypto in the immediate future, but it will start the process of creating regulations for digital currencies.

Is the Executive Order good for bitcoin?

As of Wednesday afternoon, bitcoin was up about 8 percent the day after news of the executive order broke — evidence that the order is popular among many crypto investors as well. This enthusiastic response makes sense.

Does Biden think Crypto is a serious part of the US economy?

Many crypto advocates feared that the White House might try to suppress the industry, and Biden hasn’t said much about crypto (the president probably doesn’t own any bitcoin, either). Still, this effort signals that at the very least, Biden thinks crypto is a serious part of the US economy and that it might even have some potential.