President Joe Biden has issued an executive order to regulate cryptocurrencies. It's not clear what will change, if anything at all.
The White House said in a statement that it was the first ever whole-of-government approach to addressing the risk and the potential benefits of digital assets.
The administration hopes to protect consumers and businesses with the order.
The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk.
It's not clear what exactly the EO will do in the press release. The order encourages the Department of Treasury or the Financial Stability Oversight Council to research and assess the risk of cryptocurrencies.
The Federal Reserve has been researching a US Central Bank Digital Currency for a few years now, so it's also on the agenda.
Many people might not like the idea of government interference in a currency, but there are many people who think this is a good thing. It gets rid of a bit of uncertainty surrounding regulation and can also encourage investment in the technology.
Faryar Shirzad, chief policy officer, hopes that agencies will use the next step to establish regulatory clarity for the industry and the American public.
It is too early to say what the EO means for the future of government regulation. We're unlikely to see any immediate impact from it, but we might see the groundwork being laid for things like a US-backed crypto and healthy regulations that limit the environmental impact of the tech.
Hillary Clinton called out tHe exchanges for allowing Russia to ignore sanctions.
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