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On March 9, 2022, after President Joe Biden announced an executive order to promote cryptocurrency issuance research, Bitcoin and other cryptocurrencies surged as much as 9 percent. This new executive order demonstrates that he has supported the cryptocurrency industry, which is exactly what many are expecting.
Contents of the edict
According to Reuters, in the executive order issued President Biden directed the Treasury Department, the Commerce Department and other key agencies to prepare reports on the "Future of Currency" and the role of cryptocurrencies in this day and age.
According to a survey, about 40 million Americans are involved in investing, trading or using cryptocurrencies. In addition, of the 100 countries that have studied testing central bank digital currencies, China is leading the way. Because they are perfecting the digital yuan.
In addition, China is accusing the U.S. of following in its footsteps on the issue of digital assets. In response, the White House said, "In the world, the United States must maintain a technological leadership position in today's rapid development. Support innovation while minimizing risks to consumers, businesses, the broader financial system and the environment."
Michael Pierson, managing partner at law firm FisherBroyles, said of the order: "With the recent sanctions imposed by the Russia-Ukraine war, we are obliged to have a regulatory framework for digital assets that combat illicit financing and prevent risks to financial stability and national security. Gia".
Treasury Secretary Janet Yellen said in a statement: "The Financial Stability Oversight Council will convene to assess the potential risks to the financial stability of digital assets and assess whether appropriate safeguards will be in place. Since the questions posed by digital content often have a cross-border aspect, we will work with our international partners to promote strong standards and a level playing field."
Biden also called for measures to protect U.S. consumers, investors and businesses. At the same time protect the U.S. and world financial systems as well as minimize systemic risks. The Commerce Department is being directed to work throughout the government to develop a framework that "promotes U.S. competitiveness and leadership in as well as leveraging digital asset technologies."
To accommodate a large number of Americans who lack or do not have a bank, the executive order also promotes "equitable access to safe and affordable financial services" – describing this as in the national interest. Meanwhile, the executive order aims to "support technical advances, ensure the responsible development and use of digital assets," with privacy, security, combating illegal mining and reducing negative impacts on the climate as top priorities here.
The price of bitcoin has skyrocketed.
As of the afternoon of March 9, 2022, the price of bitcoin had reached $42,352. Intraday trading rose nearly 9 percent and solidified gains above the 200-hour average. Besides, Ethereum and other cryptocurrencies have also skyrocketed a lot more.
Bitcoin price movement as of 07:29 on March 10, 2022 Vietnam time. Source: coinmarketcap.
Currently, bitcoin hovers around $42,400 but the nearest support is at $40,000-$40,800.
