Joe Biden Officially Issues Crypto Executive Order

A few years back, when many of us felt the deepest regrets for not hopping on the Bitcoin train, most officials in charge of the world's economy got caught off guard. At that moment, most of us thought this was just a passing craze, and all those overnight millionaires were just a glitch in the financial reality. As this was the common way of thinking, it was rare to see any moves made by those mentioned officials regarding how the system should interact with what some dismissively called "Imaginary money."

But as the crypto-economy revolution refuses to stop, the demand for legal clarity regarding digital assets became louder and louder. The 2021 NFT boom cleared all the doubts about the importance of the subject, and a political-legislative response was just a matter of courage and time.

Last Wednesday, USA president Joe Biden took that step after keeping his fingers on the pulse of the financial trend. Biden Officially Issued an Executive Order promising to support technological advances in digital assets to ensure responsible and efficient legislation regarding digital assets.

Needless to say, almost the entire market went upward green line with some of the major coins soaring in value. That is a very optimistic turn of events, as the Ukrainian-Russian conflict had some harsh implications on the market, raising concerns of a complete crackdown.

The Executive Order states that the Administration will establish policies that guide responsible innovation and support technological advances in the digital assets field. These are the main subjects mentioned, taken and abridged from the White House website:

• Protect US Consumers, Investors, and Businesses by directing the Department of the Treasury and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for equitable economic growth.
• Protect US and global financial stability and mitigate systemic risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide financial risks posed by digital assets and develop appropriate policy recommendations to address any regulatory gaps.
• Diminish the criminal finance and national security risks posed by the harmful use of digital assets by coordinated action across all relevant US Government agencies to mitigate these risks.
• Promote equitable access to safe and affordable financial services.
• Support technological advances and ensure responsible development by supporting technological advances while prioritizing privacy, security, and reduction of negative climate impacts.

In other words, the United States government has decided to advance cautiously and form the proper framework where cryptocurrency can be monetized and become an entirely legitimate currency. This process derives from the understanding that the cryptocurrency world can either be a real threat to the familiar order of things or an innovative and sustainable alternative. With this declaration, the entire world may be on the verge of the paradigm shift needed to neutralize the threat with responsible regulations and policies. A process where the risks will be preemptively calculated, the system will get the fine adjustments and eventually pave the way to widespread adoption across the united states, and maybe even the entire world as many countries are in the midst of a similar process.