Bitfury CEO acknowledges the benefits of the US executive order on crypto

The crypto regulatory framework for digital assets in the United States has shifted following the executive order signed by the US president. The executive order addresses regulations in the cryptocurrency industry and the development of a central bank digital currency (CBDC).

The CEO of Bitfury, Brian Brooks, has discussed this executive order, explaining what this move would mean for the economy of the US. For a long time, the crypto regulatory framework in the US has been uncertain.

Executive order was historic for crypto

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Through this executive order, Brooks noted that the US government was acknowledging for the first time that the cryptocurrency market was part of the financial system. The order talked about the risks of the cryptocurrency system and how these risks can be lowered significantly.

The executive order also showed that the US was looking towards being competitive in the crypto space. This is a different stance than what has been taken by China. Instead of banning crypto as China did, the US is looking to promote the sector’s growth within its borders.

Brooks further noted that the crypto market had grown significantly over the years and was now attracting governments’ attention. The popularity of Bitcoin among the public was evident during the Canadian Freedom Convoy protest, where people turned towards crypto after the government froze bank accounts.

US President signs executive order

The executive order signed by Biden on Wednesday required federal agencies in the United States to look at the benefits and risks associated with developing a CBDC. Last year, the Chair of the US Federal Reserve, Jerome Powell, had said that the country would take its time to launch a digital dollar to ensure it does it right.

Biden’s order further requires that the US Treasury, the Commerce Department and other related bodies create a report that assesses the “future of money.” the report should also cover what role cryptocurrencies will play in the future of the financial sector. Bitcoin made a 9% jump following this order, but it has since dropped during the past 24 hours.