Will Joe Biden sign this Bitcoin and Crypto Executive Order?

Sahana Kiran
Source – Unsplash

The world is slowly inclining towards Bitcoin [BTC], the world’s first and largest cryptocurrency. With mainstream firms, war-torn countries, and even the Average Joe employing crypto, governments across the globe began to probe the market. In a similar attempt, an executive order was released but is yet to be signed by Joe Biden, the President of the US.

A tiny glitch can put things out of perspective. Right after the Bitcoin executive order was out, Crypto Twitter was quick enough to realize that the order was published a day before it was scheduled.

The press release curated by Treasury Secretary Janet Yellen and her team addressed the ever surging popularity of cryptocurrencies. However, Yellen steered away from major changes. She suggested that the government was going to formulate reports and examine the risks pertaining to crypto. Details about specific material action were out of the picture.

The executive order further read,

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

Bitcoin and other crypto-assets to see no difference?

The executive order is yet to garner a signature from Biden. This, however, is speculated to be easier than expected.

The press release further suggested that the Treasury would collaborate with “interagency colleagues” to curate a report on the future of money and other payment systems.

Bitcoin and cryptocurrencies are borderless. As a result, addressing cross-border dimensions, the Treasury will reportedly work with international partners to spruce up “robust standards and a level playing field.”

The Treasury concluded by saying,

“Treasury will work to promote a fairer, more inclusive, and more efficient financial system while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”